In a development that once again diminished some of the optimism around the cryptocurrency market’s future, Bitcoin, the word’s premier cryptocurrency, fell again on the charts. In fact, Bitcoin fell by over 5% in 20 hours, with the severity of the descent having a grave effect on the values of the market’s altcoins too, including the likes of Ethereum, IOTA, and Dogecoin.
Ethereum, the world’s biggest altcoin, was quick to follow Bitcoin’s lead and noted a corresponding fall of its own, with ETH plunging by over 6% over the last 24-hours on the charts. The said fall for ETH came on the back of a prominent uptrend which could have pushed the token to breach $250. At press time, ETH was valued at $229.83, well below the highs recorded by ETH in the early months of the year.
The crypto’s technical indicators were evidence of the magnitude of the trend reversal on Ethereum’s charts. While the Parabolic SAR’s dotted markers were well above the price candles and suggested bearishness, the MACD line was observed to have descended sharply for a bearish crossover.
Despite the odd price hiccups though, the larger sentiment in the Ethereum ecosystem remains optimistic, especially in light of the fact that many in the community are looking forward to the upcoming ETH 2.0. In fact, just yesterday, developer Danny Ryan reported that the first, public, multi-client testnet will be launched in the “next seven days.” For a project that has seen innumerable delays over the past few months, that’s a very crucial revelation.
IOTA, once a popular mainstay near the top of the cryptocurrency rankings, isn’t there anymore, with the crypto positioned all the way down at 23rd, at the time of writing. Like most alts, IOTA too fell after the world’s largest cryptocurrency fell all the way to $9100 from $9650 in less than a day.
At press time, IOTA was priced at $0.213 with a registered fall of over 8% in 24-hours, with the token closer to its support level, than its resistance on the chart. It must be noted, however, that the aforementioned fall in the crypto’s price broke the price band within which it was trading for over a few days.
The same was highlighted by the widening mouth of the Bollinger Bands, while the Relative Strength Index plunged towards the oversold zone.
IOTA was in the news a few days ago after it introduced Coloured Coins (ICC), based on IOTA Tangle, coins that can seemingly represent any kind of real-world asset.
The Internet’s favourite meme coin, may not be a joke anymore, especially not with a 24-hour trading volume of over $184 million. In fact, its 24-hour volume was greater than the likes of BAT, Maker, Cosmos, and Tezos, all cryptos ranked much higher than DOGE.
Like the rest, DOGE too fell after Bitcoin’s price dropped. However, the crypto hadn’t broken out of the price band it had been trading in for over a month now.
Interestingly, while the Awesome Oscillator pictured minimum market momentum, the Chaikin Money Flow was noting an uptick, with the CMF line climbing towards 0.40.
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