It was a mixed trading day for the altcoin market even though Bitcoin broke over $ 47,000. Litecoin lost 2% of its value and traded near the support line of $ 163.24 while IOTA declined 5% and approached the floor of the price of $ 0.795.
Finally, according to its tech specs, Dogecoin was showing signs of consolidation with chances of a price reversal.
Litecoin was trading at $ 169.49 after losing 2% in the past 24 hours. The coin traded near the immediate support level of $ 163.24. Another drop from the current price level would cause LTC to trade at $ 147.02.
The technical data for Litecoin remained bearish.
the Relative Strength Index was 40, although the buying pressure recovered somewhat. the Chaikin money flow was also seen below the center line as capital inflows remained low.
Convergence was based on the Bollinger bands – A sign of falling price volatility
On the flip side, LTC would encounter resistance at $ 176.22 and then retest the $ 191.05 price cap.
IOTA was down 5% in the past 24 hours and was trading at $ 0.995. The token was nearing its immediate support level of $ 0.919 and if IOTA continues to move on a downtrend, the next price floor was at $ 0.795. Technical parameters for IOTA signaled a negative price action.
the Relative Strength Index recovered from the oversold zone. However, the pressure to sell remained dominant. In accordance with the same, Chaikin money flow was below the midline as capital inflows declined.
Great oscillator observed red signal bars highlighting a downtrend in the market.
Should buying pressure recover, IOTA could experience resistance at $ 1.04 and then $ 1.20.
Dogecoin was priced at $ 0.274 after falling 2.4% in 24 hours. Dogecoin showed signs of consolidation as the altcoin’s price action stayed between $ 0.274 and $ 0.255.
Dogecoin declining price movement was stopped in green in recent trading sessions, as on the Great oscillator. the MACDs red histograms also decreased in the period mentioned.
These highlighted the chances of a price reversal for Dogecoin, in which case the altcoin could experience resistance at $ 0.326 and $ 0.349.
Eventually the Bollinger Bands converged to see the chances of greater market volatility.