Bitfinex exchange saw long positions of BTC/USD skyrocketing, encouraging market players that the bellwether crypto could have reached a local bottom. Bitcoin did rebound from $28.8K to $31K before plummeting to explore $29K at this publication. Assets in the altcoin market mimicked BTC's footsteps on their respective price charts.
Ripple (XRP)
Ripple's XRP hiked above the pessimistic order block around the $0.4 value area and seemed to have overturned the level from a supply zone to a demand region. Moreover, the remittance token secured support at $0.42.
XRP might witness upside actions from the support and demand zone confluence during the weekend. Nevertheless, some buying momentum remains essential for surges, but with the A/D moving flat, neither bulls nor bears were in control within the past couple of hours. Also, the Awesome Oscillator stayed beyond the zero line in this publication.
Gala (GALA)
GALA token remained bearish on its lower timeframes despite gaining approximately 85% from its lows of $0.54, recorded over the past few days. The FIB retracement areas showed Gala had a massive resistance at the $0.096 - $0.108 range. For now, bears control the alternative token.
Also, yesterday's long candlewick to $0.12 added credence to the token's bearishness as it showed bulls dominated by bears. However, can bears continue to push GALA downward? The on-balance volume saw a significant uptick within the past few days. Also, the Relative Strength Index climbed past the 50-neutral, highlighting a brief bullish bias. Nevertheless, bearishness will prevail unless GALA flips $0.108 to support.
Shiba Inu (SHIB)
Shiba Inu saw extended declines on its price chart. Another tumble in Bitcoin will see the meme coin revising the support barrier at $0.000009. Meanwhile, the on-balance volume didn't display enough demand to halt the downtrend. Also, the Moving Average Convergence Divergence dropped towards the zero-line, confirming fading bullish strength.
The Relative Strength Index declines beneath the 50-neutral, showing potential momentum flip to bearish again. Moreover, the Chaikin Money Flow plummeted beneath -0.05 to highlight substantial capital outflow from the marketplace.
For now, the altcoin market remains bearish, and another downside move will drive the assets further south. Feel free to comment in the section below.
No comments yet