By Franklin Smith
Most alts witnessed short-term bullishness as Bitcoin rebounded from the $38K mark. Let us check how these altcoins responded to the ongoing bullish reactions.
Solana (SOL)
Solana’s Volume Profile Range showed the token’s Point of Control at $102, as far as the past ten trading days are concerned. Solana could not overcome the resistance at $109 during the period but breached the support zone at $95.
The market structure sustained bearishness within the past couple of days. The altcoin plunged below the Point of Control, and bears and bulls fought for the $100-mark control at this publication. The Chaikin Money Flow indicator displayed massive selling strength within the past day and seemed ready to drop under -0.05 to detect enormous selling.
On the other side, the Moving Average Convergence Divergence remained beyond the zero-line, reflecting bullish strength while presenting a buy signal. Nevertheless, the lower timeframe trends remained bearish as the $102 level posed a resistance level. While publishing this blog post, SOL traded around $97.48, following a 0.93% fall within the previous 24 hours.
Chainlink (LINK)
The past couple of days saw Chainlink forming an ascending triangle formation. That came after a pronounced downward trend in the previous week. The setup typically witnesses an upside price breakout.
Supporting such a development, the Awesome Oscillator (AO) climbed back beyond the zero-line to reflect bullish momentum. Also, the A/R line witnessed a bounce, indicating buying and demand volume.
Nevertheless, the market structure remained bearish in the higher timeframe. Instead of purchasing a breakout, selling retests of the $13 mark or the supply zone of $13.4 would be a profitable move according to the broad trend. While writing these lines, LINK traded with a 0.70% 24hr drop at $12.54.
Cosmos (ATOM)
Cosmos seemed to create a triangle formation. That indicated compressions on the alt’s price charts before the upcoming massive move. For now, the downside road appeared smooth for the cryptocurrency.
The Relative Strength index hovered near then neutral 50 within the past couple of hours. The RSI remained indecisive, like ATOM’s price. Meanwhile, the on-balance volume painted a clearer picture.
The white line represents OBV’s horizontal resistance, and the on-balance volume has tested the level the past day, but rejection followed. Therefore, it showed how sellers still dominated the marketplace.
The support level stood at around $21.04. A session close under this foothold might see Cosmos diving towards the $20 mark. While writing these updates, ATOM changed hands at $20.64, losing 5.08% within the previous day.
Ripple (XRP)
XRP saw its price retesting the $0.7 mark as resistance, and this remained the area to overcome for bulls to ensure a short-term bullish structure. Besides this resistance, the remittance token dropped below the long-term descending channel’s mid-point.
That shows the altcoin might dip further in the up-and-coming days. The cross-border remittance token can plunge towards the channel’s low of around $0.51.
The Relative Strength Index has recovered towards the 50-neutral, and a concealed divergence may showcase in the coming hours. Such scenarios would mean extending the former trend, a downtrend in this case. Moreover, the on-balance volume saw downtrends, showing selling pressure outweighed buying momentum within the previous week.
STEPN (GMT)
GMT saw massive upswings since late March when the alt climbed past the resistance of $0.86 and has not paused since. While polishing this content, STEPN traded at $3.91, surging more than 17% within the past 24 hours. FIB extension zones show possible profit booking targets at $4.3, then $4.86.
The Awesome Oscillator displayed enormous bullish strength. Also, the Chaikin Money Flow stayed well past +0.05 to highlight massive capital inflow to the marketplace. Moreover, the DMI highlighted steady upswings in progress, as the +DI and ADX stayed well beyond 20.
Meanwhile, the altcoin market will continue responding to Bitcoin’s forces. Bitcoin traded at $39,372 at this publication, following a slight 0.72% gain. Maintaining uptrends will improve the alt space, whereas a crash would trigger sell-offs in the alt space.