The recent market decline has seen traders rushing towards sell-off even as Bitcoin’s price began to consolidate. The downward trend of the king coin on June 12th, which led to a valuation drop of over 6%, was followed by several alts such as Binance Coin, Filecoin and Tron’s TRX. These coins broke key support levels and also faced mounting selling pressures and exhausting capital inflows. Their move south kept them vulnerable to further losses in the future.
Binance coin [BNB]
Binance Coin continued its downward trend. After rising over 33% between May 31 and June 2, the valuation fell 20% between June 7 and 9. The coin was still in the red, trading at $ 337.8 at press time. After testing the resistance at $ 365, it had fallen another 13.2% over the past week.
Relative Strength Index or RSI fell below the median line on June 10, at 39.8 at the time of going to press. If the selling pressure continues to mount, the coin could head into the oversold zone. How Parabolic SARWith the dotted line hovering over the candlesticks, a downward trend in the price movement could be observed.
However after Great oscillatorBullish momentum could be observed on the histogram even though it was too early to explain positive price movement based on the indicator alone.
Support at USD 304 remained strong and could act as a savior if the BNB continues its downward move.
Filecoin lost 26% of its valuation during the market downturn on June 7th. The coin fell through the support lines at USD 84.5 and USD 75.5 and has since lost another valuation 4-hour chart with the appearance of a green candle at press time during the price plunge on June 11th.
Chaikin money flow said traders rushed to sell their holdings on June 12 as capital outflows far exceeded inflows. The pressure to sell was still overwhelming as well Relative Strength Index has continued to hover over the oversold region since June 8th. The convergence of the Bollinger bands highlighted the reduced volatility of the market and price movement could be constrained in the future.
The blockchain network has recently reached several milestones. Tron’s daily active users hit an all-time high of 5.26 million, while the total daily transaction count also hit an all-time high of 6.22 million on Tuesday.
Still, Bitcoin’s retracement from June 10-11 proved detrimental to Tron, which fell over 12% during that time. The coin broke its support at $ 0.069 but found new support at the $ 0.065 level, with the former acting as strong resistance. The coin’s 24-hour trading volume also fell 31% over the past day.
Bollinger bands remained divergent during this period, suggesting that market volatility is increasing. The appearance of a red line below Great oscillator‘s histogram indicated that bullish momentum was emerging in the coin’ s price movement. in addition, MACDThe histogram closed in a bullish crossover, even if the lines stayed below balance and adjusted to one another.
With indicators suggesting bearish momentum is easing, TRX could defend the USD 0.065 support before collapsing. If the support breaks, the coin could fall over 20% towards the next support at $ 0.055.
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