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Cryptocurrencies have fallen into the red following yesterday’s pump. Despite price corrections, Bitcoin’s reversal put significant pressure on other altcoins. MATIC’s trading volume decreased, and its buying pressure dwindled. Filecoin did not show signs of increased volatility, and Solana’s current price action may soon see a consolidation.
At the time of writing, MATIC’s prices were hovering around $1.01. If prices continue to fall, the coin may trade below $1.00; the coin has lost 7.5 percent of its value in the last 24 hours. Matic’s trading volume fell by 13.68 percent, explaining the market’s drop in buying pressure.
According to Chaikin Money Flow, capital inflows have decreased significantly. As the coin underwent a bearish crossover today, bullish momentum faded and a bearish signal grew on the MACD indicator.
The Average Directional Index was near the 20 level, indicating a weakening price trend. If prices remain near the same level, MATIC may exhibit trendless price action once more.
On a weekly basis, Filecoin recovered 8% of its lost value. Given that the Bollinger Bands remained parallel with a slight convergence at press time, the price volatility of FIL could remain stable.
The Relative Strength Index showed a sharp drop in buying pressure since yesterday, but at press time, the indicator had slightly risen, indicating that buyers were slowly returning to the market.
The Squeeze Momentum Indicator indicated that volatility was low as the market entered a squeeze and that if prices continued to fall, it would be a good time to short.
Solana gained 13.1 percent in the last 24 hours, but then fell 3.6 percent, following in the footsteps of other alts. The coin was priced at $28.39 at the time of publication. The coin’s movement since the July 21 recovery period has been slow and steady, but the bulls have lost strength as the coin has rejected the $31 resistance level.
The RSI increased, indicating that buyers returned to the market. The Average Directional Index approached the 20-point level, indicating that Solana may be entering a price consolidation and trading within a narrow range once more.
Bearish pressure remained strong in the market, but the size of the red signal bars on the Awesome Oscillator had shrunk.