Although gains in the wider crypto sector have been steady over the past week, a small pullback in market leaders – Bitcoin and Ethereum have been negatively received by most altcoins as the emphasis shifted to the sales hand. Likewise, altcoins LTC, XTZ, and IOTA traded in red at press time after they struggled to hang on to higher levels on the indexes.
At the time of writing, IOTA traded close to a crucial $1.33 support mark after the price had dropped more than 4 per cent in the last 24 hours. There was some indication on the market that the bulls could lose to the above level as the Awesome Oscillator moved below the zero mark.
Average Directional Index reading of 20 showed that IOTA’s uptrend has declined since it snapped a local high in the last few days. If prices continue to move southbound, support levels of $1.18 and $1.02 could be tested. On the other hand, a rise above the $1.46 upper ceiling can be expected.
A fall below the 20-SMA (blue) and 50-SMA (yellow) highlighted Litecoin’s downtrend from a three-year high of $243. The Parabolic SAR verified the bearish market as the dotted markers passed over the candlesticks.
The red bars of the Amazing Oscillator moved below the half-line after a bearish twin peak setup. A further selling at this stage could see LTC test support at $207.4. Conversely, the pick-up in the purchasing activity could see the crypto asset break above its 20-SMA and mark a bullish reversal.
Looking at Tezo’s daily charts, the bulls struggled to keep up the recent uptrend, giving the $5 level to bears. A bearish crossover in the MACD indicated that prices could remain under strain during the next few sessions.
As the Bollinger Bands showed high price uncertainty, there was a risk that XTZ might move below $4.12 in an extended bearish scenario. On the other hand, a bullish bounce back might be on the cards if the investors had lost the 20-SMA.
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