The cryptocurrency market’s rollercoaster movement has been seen by many as evidence for its sheer volatility. This rapid movement has not just been linked to the major tokens but also with altcoins that were finding its footing in the market.
After a week of decent gains, altcoins like Ethereum, Bitcoin Cash and Litecoin took a hit on Monday as the bear went on a rampage. Looking at the 24-hour changes, it was clear that altcoin would take more time to reach Bitcoin’s soaring price levels.
Ethereum, the largest altcoin in the cryptocurrency market maintained a decent price point even after a 4.71 percent fall over the previous day. Ethereum’s fall was the third-largest in the top 10 cryptocurrency club after Litecoin and Chainlink.
At press time, Ethereum was trading for $368 with a total market cap of $41.534 billion. The bear attack further dropped the 24-hour market volume to $66.92 million after holding above the $70 million mark the previous week.
Ethereum’s Parabolic SAR was above the price candles which meant that the cryptocurrency was heading into a continued dip. The last time the markers were below the candles was in the middle of August. The Relative Strength Index had also fallen towards the oversold zone after the selling pressure climbed higher than the buying pressure.
The Chaikin Money Flow indicator climbed from the zero line after dipping for the first time since the start of June. This was a sign that the capital coming into the Ethereum market was more than the capital leaving the market.
Up next on the charts was Bitcoin Cash which had fallen to 7th place in the wake of the massive price shifts. At the time of writing, Bitcoin Cash was trading for $224.71 with a total market cap of $4.16 billion. BCH’s daily market volume also fell to $2.4 billion after a 3.6 percent fall in its price.
Bitcoin Cash‘s RSI was one of the lowest on the cryptocurrency charts as the graph moved parallelly to the oversold zone. This was the lowest the graph had touched since it had fallen back in July. At the same time, the Chaikin Money Flow was recovering after having fallen below the zero line. BCH users may have regained some trust in the cryptocurrency after a slight climb in prices.
The Parabolic SAR was similar to that of Ethereum as the markers stayed above the price candles. It would take another major green run for the markers to push the candles from the top.
Litecoin rounded off the set of most volatile cryptos in the top 10 list as the Charlie Lee founded cryptocurrency traded for $48.01. The 5.5 percent price fall had lowered the market cap to $3.14 billion while the 24-hour market volume had taken a turn for the worse by falling to $2.23 billion.
Litecoin’s technical analysis also painted a sombre picture for the market as all three indicators sided with the bear. The Chaikin Money Flow indicator was the only sign that the market was still confident in rise with the graph climbing slightly. The RSI on the other hand had fallen to its lowest level since March of this year, an alarming sign for holders and investors alike. Meanwhile, the Parabolic SAR continued to stay above the price candles with the last bullish signal coming in August.