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The altcoin industry has been adjusting to the Bitcoin market’s boom, and the valuation of most cryptocurrencies has risen in recent days. However, like other altcoin markets, the buzz can not last.
The Filecoin market recently saw the token’s value reach as high as $189, following which it started to retrace. The price has fallen below the $179.97 support level. The stock was currently consolidating between $172 and $179, when the market was turning bearish.
The market’s uncertainty has decreased, as shown by the convergence of the Bollinger bands. The signal line and 50 moving average, on the other hand, were noticing a potential pattern shift as they moved higher, despite being under the candlesticks.
Meanwhile, the token was falling below the equilibrium region as the relative strength index fell below 50. As the retracement began, the market leverage shifted to the sellers.
On April 10, the value of IOTA increased dramatically from $1.9 to $2.09. The asset encountered this opposition and attempted, but failed, to break through it. At the time of publication, the coin’s worth was approaching the $1.94 support level.
With the market remaining volatile, selling pressure can intensify over time. The RSI was showing that even IOTA was experiencing increased selling pressure as the indicator’s value shifted away from the equilibrium region and into the oversold zone. Meanwhile, the Awesome Oscillator confirmed that sellers were gaining traction.
Enjin Coin [ENJ]
The valuation of the Enjin asset has been increasing at a parabolic rate. This increase was seen in the last few days, when the valuation of the digital commodity began to climb from $2 and peaked at $4. However, the market was on a declining trend and was currently priced at $3.10.
The RSI has already fallen to 45 and is still hovering in the overbought zone. Meanwhile, the MACD tracker, which had previously been bearish, has now turned bullish, with the MACD line passing over the signal line. If buying pressure remains high, the coin will begin to consolidate.