BTC has been maintaining $6,100-$6,500 post the heavy losses on March 12. Similarly, altcoins are also maintaining their long-time supports and trying to recover the losses. The recent fluctuations of altcoins like Ethereum Classic [ETC], Tron and IOTA, though indicate a bearish trend.
Ethereum Classic [ETC]
Source: ETC/USD, TradingView
Ethereum Classic [ETC] was off to a good start this year. The coin’s price rose by 53% in just 5 days [Jan 21-29] and maintained a stable range until it experienced a fall on Feb 15, and dropped by 23% reaching $9.04. ETC incurred further losses during the global market crash. The price dropped by 42% in just a day’s time.
In the above chart, the price fluctuations seem to form a potential descending triangle, indicating a downward breakout. Additionally, the indicator Awesome Oscillator [AO] also signals a bearish trend as it was fluctuating below zero. The first resistance stood at $5.2 while the second resistance is at $5.4. Post the downward breakout, the price might find its first support at $4.34. If breached, the second support is at $4.06.
At press time:
Price: $4.82
Market Cap: $560,894,063
24-hour trading volume: $1,319,830,796
Tron
Source: TRX/USD, TradingView
Tron followed a similar pattern. The coin fell by 43% during the ‘Black Thursday’ and saw a rapid fluctuation in the next three days, following which the price gradually rose and maintained support at $0.01. RSI indicator indicated a neutral zone, but since it is closer to the overbought zone, it might be indicating a bearish trend. If the price experiences an upward breakout, it might get rejected at $0.01. If there’s a downward breakout, the price might find support at 0.01 and 0.09.
At press time:
Price: $0.011130
Market Cap: $742,168,274
24-hour Trading Volume: $992,908,502
IOTA
Source: IOTA/USD, TradingView
IOTA, on the other hand, after incurring a loss of 49% maintained a stable price level as of March 19. Bollinger Bands’ widening indicates a volatility increase.
Resistance: 0.15 and 0.17
Support: 0.12, 0.11 and 0.10
At press time
Price: $0.136577
Market Cap: $69,289,473
24-hour trading volume: $8,570,137
