With Bitcoin’s price undergoing a slight correction on the charts, many of the market’s altcoins were reading red, at the time of writing. In fact, popular altcoins like Chainlink, Cosmos, and Dash saw their prices fall by up to 16 percent in the past 24-hours alone.
Chainlink [LINK]
Source: LINK/USD, TradingView
Chainlink’s performance over the 24 hours before press time was disastrous, with the crypto trading at $10.34, very close to its immediate support at $10.03, at the time. The tenth-largest cryptocurrency in the market had a market cap of $4.1 billion and a 24-hour trading volume of $2.2 billion.
At the time of writing, however, it seemed that LINK was slowly moving north of its support levels, with its next levels of resistance found at $12.9 and $14.1
LINK’s technical indicators were bearish, at press time. The Bollinger Bands continued to expand and indicate increased volatility in its price action. Further, the MACD indicator had undergone a bearish crossover and a reversal in trend didn’t seem likely in the near future.
Chainlink was recently in the news after the Bounce Finance project that operates on Ethereum, as well as Binance Smart Chain, announced the integration of Chainlink’s Price Feeds.
Cosmos [ATOM]
Source: ATOM/USD, TradingView
Cosmos, at the time of writing, found itself occupying the 27th spot on CoinMarketCap’s list with a market capitalization of $956 million. At press time, the coin was being traded at $4.65. Since the last few price candles on the charts were green, a minor uptrend seemed to be in the works after ATOM lost over 3 percent of its value in the last 24-hours. There was also a strong level of resistance at $5.1 and a strong and tested support at $4.23.
The RSI indicator was rising from the oversold zone and highlighted positive momentum for the coin’s price. The MACD indicator seemed likely to see a bullish crossover soon as the MACD line was inching closer to the Signal line.
Dash [DASH]
Source: DASH/USD, TradingView
Dash’s losses yesterday were quite significant. The coin shed over 8 percent of its value and at press time, was being traded at $91.4 with a market cap of over $900 million. The coin bounced off the support at $88.6 and was heading in the direction of its two strong points of resistance – $100.4 and $109.2.
The EMA ribbons had also settled over the coin’s trading price and were likely to create some resistance around the $100-price level. Finally, the RSI indicator was in the oversold zone, but it seemed to be inching towards the neutral zone.
