With Bitcoin edging below $9,000, you can be sure of an effect on altcoins. Ethereum, the largest altcoin is leading the charge and is moving down deviating out of its long-held patters, and following suit are Tezos and Chainlink.
Since reaching a high of $250, Ethereum managed to hold firm trading within its upward channel but fell out at the beginning of the previous week. On June 22, Ether was trading at $243, but a 10.6 percent fall has resulted in its press time price being less than $220.
The altcoin will be undoubtedly tested between upward resistance at $249 and the lower support at $217. A move out of the channel could threaten a bearish fall below the aforementioned support level. Bollinger Bands of the altcoin suggest a decrease in volatility in the short-term following a massive increase mid-week.
Over the past week, Ether has lost over 12 percent of its value, which investors think is due to PlusToken one of the largest cryptocurrency Ponzi schemes. On June 24, Whale Alert recorded the movement of almost 800,000 ETH from the PlusToken wallet to an unknown wallet.
After rebounding off its 2020 ATH, Chainlink has shaved 8 percent of its price but it is still trading within its upward channel. Since reaching the high of $4.79, the 13th largest cryptocurrency in the market has seen a big red candlestick on June 27.
The closest support of $3.91 is still far away from the trading price of $4.4. MACD for the altcoin suggests continued bullish movement as MACD line is over the Signal line and the two are trending above 0.
Last week, Chainlink confirmed its partnership with China’s national Blockchain Services Network [BSN] with the objective to “enable governments and enterprises to incorporate validated real-world data.”
Tezos, one spot above Chainlink on the coin rankings, has gone the way of Ethereum. XTZ has also moved out of its upward channel after a strong fight for the better part of two months.
Since reaching a high of $3.02 at the start of the month, the price has shaved 21.5 percent and is now trading at $2.38. Despite repeated attempts, the altcoin could not overcome resistance at $2.94. Relative Strength Index of the altcoin has dropped from 62.12 at the beginning of the month, to 36.6 now, but has shown an improvement in the past few days.
Tezos was given a boost last week as it was included among five other cryptos offered by Phemex, a recently formed cryptocurrency derivatives exchange by former Morgan Stanley executives. The other assets included are Bitcoin, Ethereum, ChainLink, Tezos and gold.
Where to Invest?
Subscribe to our newsletter