210 Interactions, 2 today
At the time of writing, Polkadot, Neo, and Bitcoin SV were all showing signs of a pattern turnaround. The altcoins had spent the week healing from the big drop and were now on the verge of a turnaround streak.
Polkadot’s valuation has not recovered fully, but it has found stability. The digital commodity once ignored the resistance level of $32 and fell to the support level of $28.75. Since then, the price of DOT has been fluctuating between $28 and $30.
Despite the market’s consolidation, DOT projected a positive view since the Bollinger Bands showed uncertainty and the signal line stayed below the candlestick. This suggested that the market was rising and that the uncertainty could help the price break through resistance at $30. The rising price also showed that purchasing pressure was increasing while traction was remaining strong.
NEO, meanwhile, had recovered from its collapse and was trading horizontally between $78 and $84. The asset can break out of this $10 band, as it was trading at $83.81 at press time.
As purchasing demand increased, the indicators shifted to the bulls. The Relative Strength Index was rising and heading away from equilibrium, confirming the increase in purchasing pressure. Meanwhile, the MACD line crossed over the signal line, indicating the start of a bullish sector.
The NEO price must overcome pressure at $84.79 before moving on to the next level of resistance at $90.
Bitcoin SV [BSV]
As the price of Bitcoin SV has remained restricted, volatility has been squeezed out of the market. At the time of writing, BSV was selling at $240, with the 50 moving average and the Bollinger Bands signal line acting as resistance.
The stock was heading parallel to the $230 support level, and there wasn’t any bullish momentum to get above the moving average. When purchasing and selling pressures cancelled each other out, the relative strength index remained close to equilibrium. Although liquidity was already pouring out of the economy, as shown by the Chaikin Money Flow’s negative value.
BSVs price may continue to move along this tight range unless a shift in volatility pushes it.