Over the past few days, the altcoin market has either consolidated or seen a decline in its value. Tezos registered a sharp fall of 8.1% over the last 24 hours and could break below its support of $6.81 over the next few trading sessions.
BAT and IOTA traded laterally with minor gains. BAT’s consolidation can push the coin to revisit its one-week low. IOTA’s parameters were still in the green, at press time, and a push from the buyers would allow the price to test the $2-mark.
Tezos depreciated by 8.1% in 24 hours and was valued at $6.85, at press time. The immediate support level stood at $6.81. Additional support levels awaited at $5.84 and then, at $5.04. A fall below these price floors would push the coin to trade closer to its one-week low. The technical outlook for the alt was bullish too.
The MACD flashed red histograms – A sign of negative price action. The Awesome Oscillator also displayed red signal bars. The altcoin was seen below its four-hour 20-SMA, suggesting that the momentum was inclined towards the sellers in the market. In correspondence, the Relative Strength Index was below 50, despite a tiny uptick.
In case the buying pressure pushes its way above the mid-line, XTZ could attempt to retest its one-week high price level at $7.86.
Despite Tezos securing some major developments over the past few weeks and accruing strong gains through the ‘Granada’ upgrade, the altcoin witnessed a sell-off again. Tezos also saw adoption on the banking and institutional level, amidst other developmental activities.
BAT went up by 1.5% over the last 24 hours and was trading at $0.793. Over the last week, the altcoin was oscillating between $0.846 and $0.734. If BAT moves on a downtrend, then the immediate support level lay at $0.734, dipping below which would mean that BAT would trade closer to its one-week low.
MACD’s green histograms have been receding over the past few training sessions, while the Awesome Oscillator saw red signal bars.
Chaikin Money Flow remained positive above the midline as capital inflows were in the bullish zone. However, the indicator also noted a sharp dip for the second time in a week.
On the upside, BAT might attempt to topple the $0.846 price level and retest $0.907. Successfully trading above the aforementioned price level might push BAT to revisit its multi-month high of $0.981.
IOTA showed signs of consolidation on its four-hour chart. It rose by 0.1% and was trading at $1.59. Over the last week, the coin was sandwiched between $1.70 and $1.34.
Technicals pointed to positive price action, despite IOTA’s sideways trading. If IOTA manages to break its lateral trading and move on the upside, the first resistance will be at $1.70 and then, at $1.83. Trading above these levels could propel the price to reattempt testing the multi-month high of $2.
On the four-hour chart, the altcoin’s price was spotted above the 20-SMA, indicating that it was in favor of the buyers.
MACD displayed short green histograms. The Relative Strength Index noted an uptick and was seen in the bullish territory. Chaikin Money Flow threatened to fall below the half-line as capital inflows declined.
If IOTA’s price falls, it would trade near its two-week low of $1.34 and then touch the $0.956-mark.
In other news, IOTA was selected to help develop the EU blockchain initiative program.