The altcoin rally is finally beginning to slow down after a rapid start to August in 2020. In the last 7-days, top altcoins have faced massive drops in terms of price valuation, while others suffered a quick pullback after registering a new high. Ethereum was one of the unlucky ones to witness that fate as its quick rise to $442 has been largely dismissed in the past few days. In the meantime, Chainlink registered a drop of 8% percent as well, after its heroic climb to $20.
It took Ethereum 14 days to break above $400 resistance but when it did, it went on to rally beyond the immediate resistance. Reaching a high of $442, users believed that the ecosystem had built up high bullish momentum over the past 2 weeks’ consolidation. Sadly that wasn’t the case as five days later, Ethereum crashed below the support of $419, briefly testing $397 as well.
With a market cap of $43 billion currently worth $415, Ethereum ‘s market is still struggling to show strong signs of bullishness, as another return below $400 seems likely. Bollinger Bands indicated reduced volatility but the relative strength index indicated saturation. An increase in selling pressure may bring the price down again, as the Parabolic SAR indicated a bearish trend.
For Chainlink, the pullback was more dramatic. The asset has reached 5th in the rankings recently(6th at the moment) on the back of a bullish rally that took its price to $20. However, since then it has been a week of downhill. Chainlink is valued at $15.50 at the moment, briefly testing $14.95 over the past few hours.
The downtrend in the above chart is clear as day as the asset undergoes continuous decline but Bollinger Bands opened the gates for more volatility. Right now, Chainlink continues to bear a negative sentiment with MACD line hovering under the signal line and Awesome Oscillator indicating bearish momentum.
Chainlink had a market cap of $5.43 billion with a trading volume of $1.623 billion in the past day.
Bitcoin SV did clock in $249 on 1st August but hasn’t come close to that valuation in the past 3 weeks. Currently consolidating just $210, BSV is contradictory in terms of its market sentiment. Aroon Indicator was bearish at the moment but exhibited that a trend reversal might take place anytime.
Chaikin Money Flow of CMF suggested steady capital in-flows, meaning the asset remains pretty relevant. With a market cap of $3.89 billion, Bitcoin SV maintained its 8th position in the chart, registering a growth of 3 percent in the past day.