The last week of February seems to have started off with a lull as the cryptocurrency market witnessed an uncharacteristic drop in prices. Bitcoin, which had been surging over the past few weeks, had slowed down to settle below the $10k mark.
Over the past day, however, it was the altcoins that were going uphill with currencies like Monero and Ethereum bracing the impact of the bear better than their compatriots.
Analysts were of the opinion that the slowdown was a result of massive buy-ins. Some even opined that price slowdown was good for the cryptocurrency economy because it would flush out the scam projects. Let us now look at some of the best performers over the past day.
Monero:
Monero’s price had taken a hit slightly over the 24-hours spectrum due to the current bear run. This did not affect the cryptocurrency’s immediate support which was holding at $43.44. The indicators also pointed to a continued bear run that would cease soon.
The Relative Strength Index was falling towards the oversold zone. This meant that the XMR buying pressure was getting overtaken by the selling pressure.
The Chaikin Money Flow indicators were above the zero line. The higher hold meant that the capital being invested in the XMR market was much higher than the capital leaving the market.
The Parabolic SAR was above the candles, a sign that Monero still faced bearish challenges ahead.
Ethereum:
Next on the rank list was Ethereum, which continued its stellar run of 2020. Although its performance had dipped over the past week, it was still one of the best performers on the charts. The immediate support for Ethereum was at $121.14 which was still a raised mark compared to its earlier price point.
The Chaikin Money Flow indicator was above the zero line as more and more people were entering the Ethereum ecosystem.
The Parabolic SAR for Ethereum was above the price candles. Although the effect was slight, it was enough to disrupt Ethereum’s bullish run.
The Relative Strength Index had just fallen back into the graph after breaching the overbought zone. This occurred because the Ethereum buying pressure was higher than the selling pressure.
Bitcoin Cash:
The original Bitcoin hard fork had climbed rapidly over the past couple of weeks to settle at the top half of the charts. The immediate Bitcoin Cash support was at $268.15 and was formed after prolonged bullish runs.
The Parabolic SAR was again above the candles just like Monero and Ethereum. According to the indicator, Bitcoin Cash was expected to undergo some more bearish hardships in the immediate future.
The Relative Strength Index had fallen towards the oversold zone for the first time since the start of the year. This meant that selling pressure had overtaken the buying pressure very quickly.
The Chaikin Money Flow indicator had climbed steadily on the chart. This was a sign that the capital into the BCH market had increased substantially.
Bitcoin:
The world’s largest cryptocurrency was only the fourth-best performer of the day after sideways price movement curbed its surge. The immediate Bitcoin support was at $6583.12 after which the price has only gone up. At present, Bitcoin was trading near the $9700 range.
The Relative Strength Index was in the middle of the graph after the lull in price rise.
The Chaikin Money Flow indicator was above the zero line and has been so since the start of 2020.
The Parabolic SAR was consistently above the price candles due to the current dip in prices.
Binance Coin:
Binance’s native cryptocurrency had a really good February and that was reflective on the charts as well. BNB’s immediate support was at $12.336 after the price dipped recently.
The Parabolic SAR stated that the cryptocurrency was heading into a bearish atmosphere. This was due to the variations in the market with regard to selling and buying characteristics.
The Relative Strength Index had fallen from a peak and was now closer to the overbought zone than the oversold zone.
The Chaikin Money Flow indicator had stagnated at the top of the zero line. Changpeng Zhao’s move to bring Binance to the world seems to have worked after more capital investment.
Conclusion:
The currencies on the list were going through flux and that has allowed the indicators to rest at a median. We can expect some more bearish turns soon before a proper bull run.