As we near the end of Q3 2020, market volatility remains at its peak with major altcoins exhibiting extreme sideways movement over the past month. While the last 24-hours were rather timid, price action has been active all week, with several coins picturing positive moves on their short-term chart. We analyzed the markets of Ethereum, Chainlink, and Bitcoin Cash to attain more clarity on what the short-term future holds.
Ethereum hourly chart
For Ethereum, the past 48-hours or so has been positive with the price slowing rising within the trendlines of an ascending channel. At press time Ethereum was valued at $351 and over the course of August and September, ETH has traded the most between $350-$360, strengthening this particular range as a bottom. With a market cap of $39 billion, Ethereum maintained its comfortable 2nd spot in the rankings, and the altcoin represented a trading volume of $9 billion over the past day.
Market Indicators remained neutral at the moment but hinting towards a reversal. Awesome Oscillator suggested that the bearish momentum is all but dismissed in the charts but Chaikin Money Flow indicated that outflows continued to dominate inflows in Ethereum’s market.
Chainlink hourly chart
Chainlink has fallen a little from grace over the course of September, sliding down to 7th in the rankings. While the altcoin was valued over $10 at the moment, its market cap held a valuation under $4 billion, at $3.59 billion. The last day witnessed at an uptick of 3.77% which was backed by a high trading volume of $1.08 billion.
However, when you talk about chaotic market movement, Chainlink is a prime example and it is largely due to the fact that the asset has not traded in this price range before the last couple of months. At the moment, its valuation is exhibiting a symmetrical triangle, which is a clear sign of uncertainty as the price may go up or down.
The Bollinger Bands were observed to be parallel which suggested a reduction in market volatility but the Relative Strength Index or RSI suggested improving buying pressure. The asset will possibly re-test $11.5 if a bullish breakout takes place.
Bitcoin Cash hourly chart
Lastly, Bitcoin Cash managed to reclaim a position in the top 5 cryptocurrencies. The past 24-hours were a little turbulent with the price rising by 4% at first then dropping by 2.5% around 6 hours later. The volatility was observed in the market indicators as well.
While MACD suggested a bearish trend with the signal line hovering over the blue line, Stochastic RSI suggested that BCH is going to overturn the current trend and undergo a bullish period.
With an average trading volume of $662 million, Bitcoin Cash had a market capitalization of 4.05 billion, while being valued under $220 at press time.