Bitcoin’s rejection from the crucial level of a little over $16K triggered a minor sell-off in altcoins such as XRP, Chainlink, and Bitcoin Cash among others. The global market cap stood firm at $459.2 billion as Bitcoin’s dominance neared to 65%.
XRP has been trapped below $0.269 and its upward attempt took a hit after registering a decline of 1.31% over the past 24-hours, XRP was down by 1.31%. Despite the dip, XRP geared up for a much-anticipated breach as it climbed to $0.268 while holding a market cap of $12.18 billion and a 24-hour trading volume of $3.27 billion.
The dotted markers of the Parabolic SAR aligned below the XRP price candles supporting the coin from a drop depicting a growing bullish pressure. The RSI also rose above the 50-median line depicting a phase of increasing buying pressure in the coin market.
If the range to the upside is resolved, XRP bulls could push the coin’s price to $0.296, a level not seen since the first week of September. The support level for the coin stood at $0.235
Chainlink [LINK] was priced at $12.16 after noting a decline of 1.92% over the past day. At the time of writing, LINK recorded a market cap of $4.77 billion and a 24-hour trading volume of $1.02 billion.
The red closing bars of the Awesome Oscillator depicting a switch to the bullish momentum following the latest pullback. Chaikin Money Flow also dropped below the zero-line suggesting decline in the inflow of capital into the coin market.
Downward pressure could bring the coin’s value to retest support area of $10.43 as it failed to breach the crucial resistance of $13.03.
Bitcoin Cash [BCH]:
Following the hard fork, Bitcoin Cash [BCH] noted a drop of 3.36% over the last 24-hours which drove the price to $243.6 as it registered a market cap of $4.52 billion and a 24-hour trading volume of $2.84 billion.
After being stuck in a tight range, BCH exhibited a strong bearish pressure as depicted by both Klinger Oscillator as well as MACD indicator.
If Bitcoin Cash fails to reverse its short-term downtrend, it could potentially face a fall to its immediate support level of $218 while its resistance remained unbreached $273.