The past few days saw BTC snapping to $40.6K from $38.2K before plunging towards the $38K mark again. Such volatility had the alt market weaving on the charts. For instance, Dogecoin experienced a sharp uptick following several days of range accumulations. Chainlink and Litecoin extended their downside trends.
Dogecoin pumped towards $0.171 from $0.122, and analysts used the move print Fibonacci retracement areas. Meanwhile, DOGE slipped below the supply zone at $0.14 over the past day. That came as the broad market displayed a bloodbath.
Nevertheless, DOGE secures some support around the $0.134 barrier. Momentum indicators displayed bearishness, with the Moving Average Convergence Divergence and Awesome Oscillator diving under the zero-line. Moreover, the CVD showed massive selling pressure. Thus, buyers should beat the retracement level and the resistance confluence at $0.14 to support bullishness for the meme coin.
The past couple of days had Litecoin trading inside a descending channel. The $101 and $104 zone seem to pose massive resistance to LTC northward movements. This area represents the channel’s mid-level and peaks, respectively.
The Relative Strength Index stood at 29.6 and within the oversold region. That might witness the price bouncing and recover briefly before further downside. The on-balance volume sees stable declines, translating to more selling pressure than buying within the past couple of days.
Thus, Litecoin seemed ready for a rebound to $100 before another slump in the coming few days.
Like LTC, LINK saw downward actions last week. For instance, the A/R maintained a steady drop, reflecting stable selling momentum within the market. That showed logical selling accompanying Chainlink’s downtrends. Moreover, the Relative Strength Index displayed massive bearish strength as the indicator stood at 36.
Also, the DMI displayed massive downswings, with the ADA and –DI staying well beyond the 20 levels. LTC price dropped under the $13.58 value area, forming multiple lower lows and lower highs.
As stated early, the altcoin market mimics Bitcoin’s trends. For now, Bitcoin struggles with bearish actions around the $38K mark. The world’s leading crypto should launch significant uptrends to trigger optimistic moves within the alt space.