Ethereum flashed increased signs of volatility with adequate buying pressure, Dogecoin displayed a shorting opportunity along with decreased trading volume. Lastly, Ethereum Classic showed decreased buying strength at press time.
Ethereum’s price regained traction after the alt plunged briefly on Tuesday; at press time the coin was valued at $2298. It regained 4.3% overnight and rose 28.3% over the last week. Its market capitalization went up by 4.45%. Overall, the coin displayed bullish sentiments, however, it is extremely vital for the bulls to have enough momentum to push through the $2390 to test the $2400 mark.
Volatility remains a factor for ETH’s prices as indicated by Bollinger Bands.
The buying pressure remained consistent for the last 24 hours, with small dips in buying pressure. Relative Strength Index stood at the 60-mark which painted a bullish picture and adequate buying pressure.
On 27 July, MACD indicator displayed a bearish signal, however, it was on the decline as prices surged.
In the last 24 hour, while other altcoins have risen considerably, DOGE only recorded a 4% gain. On the weekly chart, Dogecoin recorded a substantial 21.6% gain.
The trading volume of DOGE over the last 24 hours decreased by 116.12%, which validates the dip in buying pressure since yesterday. Relative Strength Index noted a slight uptick at press time indicating that buying pressure came back into the market.
The technical outlook flashed a shorting opportunity for DOGE, as Squeeze Momentum Indicator indicated that the market was about to enter a squeeze with an expected price breakout.
Green signal bars on Awesome Oscillator flashed the built-up of bullish signal and if the bulls recuperate and push the prices further up, then the coin would experience resistance at $0.21. At the time of writing, Dogecoin was priced at $0.20.
Ethereum Classic was trading in the red at press time; however, it accounted for a minor 3.0% daily gain.
The weakening of the current market trend of ETC was seen on Average Directional Index, which hinted at the possibility of prices dipping. With a further dip in prices, ETC would hover near the $46 support level or even fall through it.
Buying pressure also dipped as Relative Strength Index noted a downtick at press time. Trading volume also fell by 19.20% signifying a decreased buying strength in the market. Chaikin Money Flow also recorded some fall in capital inflows at the time of writing.