Losses from companies like Bitcoin and Ethereum have wiped out nearly $ 150 billion from the entire crypto market in the past 24 hours alone. As the King’s Coin fell below the $ 50k price point, ETH fell below the $ 1500 mark. Needless to say, the repercussions have been felt in the altcoin market, with the same blinking red, at the time of writing.
Altcoins such as Tron, Neo and Ethereum Classic have lost ground, with several levels of support awaiting bullish signals to mitigate recent losses.
Tron has penetrated deeper into red territory, at press time, after its price has fallen nearly 20% in the past 24 hours.
The RSI steadily fell from the $ 0.062 price level and ended up in the oversold zone. The MACD the line moved well below the signal line while the histogram observed increasing bearish momentum. If there is a prolonged fall, the next line of defense at $ 0.036 can be tested. A reversal from this point can see TRX increase its resistance level by $ 0.05.
Much like its Tron counterpart, Neo has slipped below several support levels at the time of writing, with daily losses rising to almost 30%. The next support level was $ 31.8, a level coinciding with the 200-SMA (green).
The Awesome oscillator fell below zero because the momentum was strong on the seller’s side. The Bollinger Band records high price volatility as candlesticks moved along the lower band. A press-moment reversal could see Neo move closer to the $ 40 mark, but the gains would largely depend on bullish cues in the market as a whole.
Ethereum classic [ETC]
Ethereum Classic followed the larger market trend and moved south as the bears kept the price under control. The On Balance Volume plunges into charts after ETC hits $ 17 mark. While the Stochastic RSI traded in the lower zone, a bullish return could be delayed given the current state of the altcoin market.
The support lines at $ 9.5 and $ 7.7 may offer some relief if the selling continues over the next few sessions. Conversely, the resistance of $ 12.8 must be reversed to consider a bullish reversal for the cryptoasset.
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