The cryptocurrency market was bearish and the prices of various assets in the market were falling steadily. Despite the bearish turn of events, many altcoins have held up strong and gone against the popular trend.
Chain link [LINK]
The Chainlink market has lost 9.48% of its value in one day. The price fell to $ 28.56 from $ 31.55 but found support at $ 28.89 and has since rebounded.
At the time of writing, LINK was trading at $ 29.27, but despite a trend reversal, the market was still extremely bearish. The parabolic SAR markers have aligned above the candlesticks, suggesting that the price is still lower and the market has remained bearish.
While the Relative Strength Index found the sell-off pushing LINK towards the oversold zone, the RSI moved towards equilibrium with the price stabilizing.
The Cosmos market was just losing support at $ 22.02 when the sell-off began. Its value fell 14% in 17 hours from $ 22.37 to $ 19.19. However, when sellers took a brief hiatus, buyers increased the value of the digital asset and it was trading at $ 20.72 at press time.
The big drop in prices has resulted in an extremely declining ATOM market. The moving average of 50 is well above the candlesticks, indicating a sharp drop in value. While volatility has remained high, it could be a sign of problems for the asset’s value.
The RSI fell below the oversold zone with the sudden sell-off. However, as buyers flocked to the market, the value of RSI approached the equilibrium zone.
FTT token [FTT]
FTT lost 7.59% of its value from $ 41.46 to $ 38.31 in thirteen hours. This sell-off was followed by a phase of retracement. The rebound has increased its value to $ 39.57, but not reversed the bearish trend.
As selling pressures entered the FTT market, the RSI fell below the oversold zone and stayed in that zone for a while. The buyers were seen rebuilding the market and crowding out the sellers. However, the market lacked the momentum to become bullish.
The Awesome Oscillator confirmed the lack of momentum, but the emergence of green bars could cause the market to become less bearish as the buying momentum increases.
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