Dust has settled in the market as a whole after yesterday’s bloodbath. On the price charts altcoins such as Tezos, Ethereum Classic and YFI have given mixed signals. Buyers and sellers competed for control of the market. A definitive change in the movements of market leaders BTC and ETH could dictate the near term future of the aforementioned altcoins.
After Tezos’ recent losses, the bulls managed to defend the support level of $ 2.18. They targeted the $ 2.43 mark. A move above this level could confirm an uptrend but at press time. Resistance kept the price at bay. Some lateral movement between the current XTZ channel can be expected in the near future. Then a larger market trend will decide how the price moves.
The red bars of the MACD have decreased in length. They suggested that bearish momentum was waning in the market.
On the other hand, therelative strength index is pointing down and signaling movement towards the oversold zone. Bulls in the market could lose to the $ 2.43 level if the index moves into lower territory.
Ethereum classic [ETC]
Ethereum Classic’s losses have been smothered at $ 8.34. The price tried to climb towards $ 11.68. However, the market bears that again targeted immediate support are canceling the move north. The 4 hour chart was not very clear as to where the ETC might end up. The indicators were giving mixed signals.
The Stochastic RSI was trading in the oversold zone. He indicates that the elk belonged to bears. Whereas a reversal usually takes place towards the upper region from this point. The fact that the index is flat suggests that it could linger in the lower zone over the next few trading sessions, before moving up.
The Chaikin Money Flow stabilizes just below the balance mark. The price could trade between $ 10.5 and $ 8.3 in the short term. So a two-way movement could be determined by the market leaders BTC and ETH in the future.
Despite its recent drop below several support levels, YFI’s weekly gains stood at 36.44%. However, just like its counterparts XTZ and ETC, YFI has shown no signs of movement in any particular direction after failing to reverse resistance at $ 31,933.14. The cryptoasset may consolidate in its current channel before a two-way breakout is seen on the charts.
The Bollinger bands showed the price to be volatile as the bands diverged. The price is on the rise after trading around the lower band. The press time resistance level could prevent a full reversal towards the $ 34,759 mark.
TheOn Balance Volume pointed out that there were a good number of buyers in the market. Likewise the index pointed south and suggested that the numbers may decrease in the future.
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