On an hourly chart, the current price of LINK/USD pair is hovering around $2.0635 having dropped slightly from yesterday’s closing price of $2.0286. This approximates to a drop of 1.7% over the last 24hrs. LINK/USD has also undergone through a high volatility trading up and down ranging between the key resistance level and support level that was found near $2.1762 and $2.0261 respectively.
Aside from a high volatile market, the trade is sideways as it has been reflected by the intertwining moving averages. Apparently, the market began trading with a bullish pressure that pushed the price to trade near a high of $2.1802. The upside move was also reflected in the RSI indicator that was seen above the positive territory at around 15:00.
The bears later on overcame the bulls, dominated the market, and massively fluctuated the price downwards to trade at a low of $2.0179. Following the push down, the market gained momentum slightly bringing it to the current price. The RSI indicator (C) that is currently heading south, signals a bullish sign.
A downside breakout is likely to be anticipated, this is because the 21 day MA (A) has crossed above the 7 day MA (B) which indicates an increase in selling pressure. If the price breaches the $2.0260 level, the price might further drop near $1.0500.
The altcoin market has recorded a sideways trend as reflected by the horizontal channels. However, the TRX/USD pair has a bearish nature that shifted yesterday’s price from $0.01771 to where is now trading at $0.01751. That showed a decrease by 1.13%. Both the support and resistance level was tested several times, but only the $0.01745 support level was breached. This confirmed the strong selling pressure that accumulated on the market.
Apparently, support level and resistance level was found near $0.01745 and $0.01773. The RSI indicator signaled a lack of dominance in the market momentum since it hovered between level 40 and 60 throughout the day.
There is a strong indication that Tron’s price may improve in the near term. This is since the market is currently correcting gains. If the bulls up there strategy, then an upward hike near $0.017780 is likely.
IOTA/USD fails to trade above the key resistance level at $0.2625, however it has maintained its movement above the support level $0.2584. Additionally, the general market outlook is bearish seeing that the 21 day MA has been hovering above the 7 day MA through the day.
Presence of Doji candles was also seen at several instances signaling equality in the market momentum. The RSI indicator that has been hovering between 40 and 60 level, showing that neither the bulls nor the bears have the upper hand.
The 21 day MA is still above the 7 day MA, suggesting a continuation of the bearish trend. The RSI that is currently pointing south, also giving a bearish sign. However, a break above $0.2620 may lead to accumulation of a bullish momentum up to $0.2700.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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