The cryptocurrency market has been on a rollercoaster ride over the last few weeks, with price fluctuations having an effect on token rankings as well. During the fluctuations, Tether overtook XRP to become the third-largest cryptocurrency on the charts.
Although larger tokens were struggling to climb, some smaller cryptocurrencies were struggling to make their name in the industry. One of these tokens was Sesameseed, a cryptocurrency that had shot to fame after its tie-up with Tron.
Ever since Sesamesed’s inception, the cryptocurrency has been making waves with its sheer number of updates and developments. According to CoinMarketCap, Sesameseed was one of the few cryptocurrencies maintaining a good price standing. At press time, SEED was trading for $0.03 with a market cap that is known to fluctuate on a weekly basis. A 0.45 percent price drop in the 24-hour spectrum had reduced the daily trading volume to $2057.
Technical analysis of Sesameseed showed that the cryptocurrency was not completely immune to the bear attack. The three indicators chosen to assess the situation were Bollinger bands, the Chaikin Money Flow, and the Relative Strength Index. According to the TA, the price had stagnated over the past couple of days with the bear crunch squeezing the immediate support and resistance.
The Bollinger bands had begun to diverge from each other after converging on Tuesday. The divergence that SEED has been enjoying could be a sign that the cryptocurrency had a chance to escape the bear rut soon. According to the RSI, SEED still had some way to go before it could gun for greener pastures.
The RSI was closer to the oversold zone after suffering a fall in the previous 24-hour timeframe. SEED was near the bottom of the graph because more people were selling the tokens due to a change in investor sentiment. Next, we had the Chaikin Money Flow indicator, which described the capital movement in a particular cryptocurrency ecosystem.
Sesameseed’s CMF had fallen below the zero line after a steady hold above it last week. The drop was a result of the capital leaving the SEED market being more than the capital coming into the market. Some experts in the field claimed that the cryptocurrency might see some positive fluctuations as the week comes to a close.