The evening of 9 May saw the bears walking in the market and caused a lot of damage to the price of most major cryptos. While major alts suffered some loss in terms value, others 2020 gains were mostly wiped-off.
The second-largest coin in the market in terms of market cap and the one sharing the highest correlation with Bitcoin, Ethereum’s YTD stood at 35.67%, after the violent crash on 9 and 10 May. As the current value of ETH was around $187.92, strong resistance was noted at $222.80, while support was marked at $152.80. With the fall, bearishness has entered the ETH market, which was also highlighted by the indicator, Parabolic SAR.
According to the indicator, the coin has been in a bearish zone since the beginning of May as the markers aligned over the candlesticks, indicating a reversing price trend.
The 24th ranking coin in the CoinMarketCap list, MIOTA, suffered a great loss and wiped-clean its 2020 profits. The coin has been reporting a loss of 1.50% in the year and was being traded close to $0.1806, with resistance as close as $0.2123 and support at $0.16496.
As the bear attack appeared to have stopped momentarily, the indicator Bollinger Bands indicated less volatility as the bands converged. However, the IOTA market has been bearish since the end of April as the moving average was still under the candlesticks.
Ontology has lost 26.45% of its value in 2020. The coin ranked 30 on the CMC list and had a market cap of $301.91 million. It was being traded at $0.4576 while the immediate resistance was close at $0.5558 and support was at $0.4048. Even though the coin’s price was trading up, with a sudden price fall, this trend was inverted.
According to the indicator, Awesome Oscillator, the price momentum has reduced and turned bearish. However, since the momentum was low, there was a chance of this trend reversing in the near future.
All this was an impact of Bitcoin’s massive fall of 11.93% within 2 days. The price of the largest crypto-asset was slashed from $9,890 to $8,710.25 but has fallen further to $8,689.92, at press time.