Bitcoin’s 2.9% jump over the past few hours opened up recovery chances for the altcoin market. The king coin still needs a convincing close above its 4-hour 20-SMA. Accordingly, Tezos and Filecoin defended their crucial supports and saw marginal recoveries.
Meanwhile, Cardano slowed down while its CMF fell below the zero line.
Cardano (ADA)
ADA reversed in an up-channel from the vital $1.12-mark support. While the altcoin noted a 52.42% ROI (from 10 January until 18 January), it pulled back from the $1.594-resistance.
After bagging the spot of the fifth largest crypto, ADA lost nearly $3.7 billion of market cap over the last two days. As it lost over 12% over this timeframe, the price fell towards the equilibrium of the Bollinger Bands. Now, as the gap between the bands kept decreasing, the alt possibly eyed at a low volatility phase.
At press time, ADA traded at $1.431. The RSI steeply declined after testing the overbought region. It flashed neutrality by moving near the midline. Also, the CMF fell below the zero-line, hinting at the growing selling influence over the past day.
Tezos (XTZ)
Source: TradingView, XTZ/USDT
As XTZ bulls ensured the four-month support at the $3.8-mark, the price action witnessed a decent recovery. As it marked an up-channel (white), the alt breached multiple resistances until it hit its monthly high on 4 January.
Then, from the 61.8% Fibonacci resistance, it retraced by 29.4% and again bounced back from the $3.8-level. Then, after seeing resistance at 20-SMA (red), it fell towards the lower band of the Bollinger Bands.
While the OBV bullishly diverged with the price, XTZ marked a recovery from the lower band that coincided with the $3.8-mark support. At press time, XTZ traded at $3.926. The RSI continued to sway below the half-line and chose the bears.
Filecoin (FIL)
Source: TradingView, FIL/USD
While the bulls tested the $30.6-mark multiple times, the bears did not step aside from exerting pressure. They initiated a 13% downturn over the past three days and ensured to break down below the up-channel (white).
Now, the Supertrend flashed a sell signal as FIL saw an up-channel breakdown. The immediate testing resistance now stood at the 20-SMA (cyan).
At press time, FIL traded at $28.065. After dropping from the midline, RSI rapidly plunged to test the oversold region twice over the past day. It did show some recovery but gave an edge to the bears.
Interestingly, the Squeeze Momentum Indicator flashed grey dots. This reading entailed a high volatility phase, possibly hinting at a fast recovery.
Ecosystem
Research
News Network
About