A slight correction in the wider market saw altcoins DOT, XMR, and IOTA dropping to their respective support levels at the time of writing. However, the bulls rushed in to fight the selling pressure, and the altcoins listed above were looking to stabilise at higher levels on the charts.
Similar to its counterparts XMR and DOT, IOTA also observed several bullish movements following the price of the $1.02 support. The Stochastic RSI favoured more IOTA bullishness as the index pushed northbound from the oversold zone.
Capital inflows to IOTA were also high as the CMF moved beyond the half-line. The next few sessions could see a price change towards $1.28 resistance if the technicians were to hold up. If the bears hold to the above level, some range-bound movements can be expected in the short term.
While Monero has traced more than 5 percent in the last 24 hours, some upward movement was noted on his 4-hour chart at the time of writing. The same reflected on the On Balance Volume, which once again looked at the recovery to record levels. A hammer candlestick on the charts signalling a possible bullish turnaround after the price changed southward to $211.8 in support.
On the downside, the red bars of the Amazing Oscillator shifted closer to the balance mark and expected a bearish result. However, purchasing pressure could negate the bearish forecasts, and XMR could break its upper ceiling by going forwards.
The formation of ‘three white soldiers’ on Polkadot’s 4-hour chart gave clear bullish signals after the price of the $25.4 support was collected. The 24-hour g trading volume amounted to $5.1 billion and the purchasing operation was also on the rise.
The correction was supposed to be short-lived and the increase to record levels was definitely a possibility in the coming sessions as the chain-metrics supported the extended bullish outcome. The Relative Strength Index shifted sharply towards the overcrowded zone, while the MACD closed on a bullish crossover. The raise to $30 was on the cards as long as the bulls kept on to the $25.4 support level over the next sessions.
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