In the past 24 hours alone, losses like Bitcoin and Ethereum have removed nearly $ 150 billion from the entire crypto market. While the king coin fell below the $ 50,000 price level, the ETH fell below the $ 1,500 mark. Needless to say, the impact on the altcoin market was felt at the time of writing, with the same flash of red flashing.
Altcoins like Tron, Neo and Ethereum Classic lost ground, and multiple levels of support await bullish signals to mitigate recent losses.
Tron was moving deeper into the red at press time after its price fell nearly 20% in the past 24 hours.
The RSI steadily fell from the $ 0.062 price level and was in the oversold zone. The MACD The line moved well below the signal line while the histogram observed an increase in the retrograde pulse. In the event of a prolonged fall, the next line of defense can be tested at $ 0.036. A reversal from this point on can cause the TRX to scale its resistance value by $ 0.05.
Much like its counterpart Tron, Neo slipped below multiple levels of support at the time of writing as daily losses hit nearly 30%. The next level of support was at $ 31.8, a level in line with the 200 SMA (green).
The Ingenious oscillator moved below zero as momentum on the sell side was strong. The Bollinger Bands saw high price volatility as the candlesticks moved along the lower band. A reversal at press time could see Neo near $ 40, but gains would depend largely on bullish cues from the broader market as it moves forward.
Ethereum Classic [ETC]
Ethereum Classic followed the broader market trend and moved south as the bears retained control over the price. The On balance volume appeared on the charts after ETC hit the $ 17 mark. While Stochastic RSI Traded in the lower zone, a bullish comeback could be delayed given the current state of the altcoin market.
Support lines at $ 9.5 and $ 7.7 could bring some relief if the sell-off continues over the next few sessions. Conversely, the $ 12.8 resistance needs to be flipped to account for a bullish reversal in the crypto-asset.
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