The cryptocurrency market saw altcoins spike despite the short-term correction. The bitcoin market was also experiencing an upward momentum at press time, adding to the momentum of the altcoin rally.
Chain link [LINK]
Chainlink price bounced back from the support at $ 26.06. This pushed the coin from a bearish zone to bullish territory. The 50 moving average and signal line slid below the candlesticks due to the upward momentum in price.
Bollinger Bands showed a spike in volatility as they parted. The Relative Strength Index also confirmed the bullish move as it indicated an increase in buying pressure. The general situation of the LINK market seemed extremely optimistic. However, this could be a sign of an in-depth trend reversal.
In the IOTA market, the price has consolidated above the $ 1.29 price level. As the price moved sideways, it has long noted a bullish market as the signal line and 50 moving average served as support and the price did not cross this level.
The Relative Strength Index indicated that the coin was about to enter the overbought zone. If the RSI moves above 70 the market will be saturated with buyers and selling pressure could arise to stabilize the market.
The MACD indicator signaled that the momentum of the market had moved in the direction of the bull as the overall altcoin market also saw a sharp surge.
The Enjin market was showing two green bars at press time. The price rose higher after testing the support at $ 1.95. The asset was trading at $ 3.30.
In the meantime, volatility had escaped the ENJ market when Bollinger Bands converged. The 50 moving average and signal line served as immediate support for the coin. If the markets there soon experience a trend reversal, the price could stick to the signal line. RSI showed that the sharp rise pushed the asset into the overbought zone.
The momentum also shifted to the buyer side. However, with the asset already in the overbought zone, a correction could find its way to the ENJ market.
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