The global cryptocurrency market cap dropped to $391.98 billion after facing a considerable sell-off triggered by short-term traders booked for profits. Several altcoins such as Chainlink, Bitcoin Cash as well as Binance Coin slid below their respective support levels.
Chainlink [LINK]:
Chainlink [LINK] was down by 8.55% over the last day which drove the token’s price to $10.36 as it held a market cap of $4.04 billion and a 24-hour trading volume of $1.69 billion.
LINK’s uptrend was halted by the increasing bearish pressure. This reversal in trend was noted by the red closing bars of Awesome Oscillator which depicted a bearish momentum in the coin’s price. Chaikin Money Flow did drop close to the zero-line, however, it has so far managed to hold its fort above the said mark. This essentially meant a minor decline in the inflow of capital in the coin market.
If the bulls manage to make headway, Chainlink could climb till its nearest target of $12.36. However, if the bearish pressure sets in, the token could face a retraction to $8.6.
Bitcoin Cash [BCH]:
Bitcoin Cash [BCH] noted an 8.12% decrease over the last 24-hours. At the time of writing, BCH was valued at $238.8 as it recorded a market cap of $4.43 billion and a 24-hour trading volume of $2.85 billion.
The MACD generated a weak sell signal as it formed a bullish crossover under zero. A move by the MACD into the bearish territory essentially confirmed that BCH was heading towards further loss. The Klinger Oscillator also mimicked the price trend as it sustained a bearish crossover.
If the bulls fail to defend this support area, Bitcoin Cash could fall to another crucial support level of $219 while the resistance recently breached $268.
Binance Coin [BNB]:
Over the last 24-hours, Binance Coin [BNB] fell by 7.36% pushing the price to $26.64. BNB registered a market cap of $3.84 billion and a 24-hour trading volume of $452 million.
Following the latest downturn in the market, the dotted markers of the Parabolic SAR aligned above the BNB candlestick resisting a potential upward breakout. The Relative Strength Index took a dive closer to the oversold region suggesting a rising sentiment of increasing sell-pressure in the coin market.
If this persists, Binance Coin could spiral to its immediate support level of $23.29 while its resistance remained unbreached at $31.49.