Market Volatility is at a new high for all digital assets. For the altcoins, the market has been rather turbulent as a correlation with Bitcoin maintains minimal levels. Over the past 24-hours, while assets such as Algorand suffered significantly, Ethereum maintained its consolidation above the price of $425 while Dash indicated a minor rise.
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Ethereum [ETH]
Source: ETH/USD on Trading View
According to Ethereum’s 1-hour chart, the price is attaining consolidation at a higher range with more emphasis put forward on avoiding the crash. Currently priced at $430, Ethereum will likely test $442 multiple times over the next few weeks but at the moment, a retracement back to $425 is pretty evident.
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Relative Strength Index is at a neutral point right now, hence if selling pressure continues to persist, the price will drop further. MACD exhibited a bearish trend which sided with the fact that the price is possibly going to fall. Parabolic SAR also maintained a bearish stance as the dotted lines formed over the candlesticks.
Ethereum had a market cap of $48.5 billion at press time with a trading volume of $13.5 billion.
Dash
Source: DASH/USD on Trading View
24th ranked Dash is trying to go past the $100, with the token briefly testing the price-point over the past few hours. With a market cap of $939 million, Dash’s trading volume was significantly strong at $377 million as the token indicated a surge of 2.12 percent in the charts.
At the moment, Dash is looking at a period of correction since the MACD line just completed its bearish reversal with the signal line. Bollinger Bands indicated a dip in volatility as the bands converged. In the meantime, Parabolic SAR was strictly bearish with the indicator hovering over the candlesticks.
Algorand [ALGO]
Source: ALGO/USD on Trading View
Algorand was one of those coins that were on a tremendous rise over the past few weeks but since then, the price drop has been the tale over the past-day. The token suffered a drop of 11.80 percent over the past-day and there has been extensive pressure from the bearish during the drop.
MACD suggested that a bearish turnover as well but now the bulls were appearing to reverse the trend. With green candles appearing on the chart. Bollinger Bands suggested a restricted movement with reduced volatility written all over in the near term.
With a market cap of $448 million, ALGO registered a trading volume of $181 million over the past day.