BitMEX recently noted 32,200 Bitcoins withdrawn, nearly 19% of the exchange’s Bitcoin vault. However, BTC did not cede ground at $10,500, a development that was a sign of resilience and a maturing market. Tron‘s bulls have their work cut out for them as the longer-term bearish momentum stifled their attempts at recovery. Waves could also note another wave of selling pressure in the few hours. Further, Crypto.com Coin was bearish in the near-term and could be set to lose a level of support.
The CMF showed that capital was flowing into the market, indicating that buying pressure outweighed the selling pressure. And yet, the OBV failed to register a higher high.
This could happen in the next few trading sessions as the price reclaimed the $0.026-level as support. A rise in OBV above the white line might suggest a breakout. However, it should be remembered that on the longer timeframe, TRX has been bearish.
Further local lows can’t yet be discounted, especially since the $0.03-level has not been tested by TRX in the past few weeks. Instead, TRX set lower highs and its price action pointed to a prevalent downtrend.
The RSI for WAVES on the 4-hour chart reached oversold conditions when the price closed at $2.73. $2.6 was a level the bulls hoped to defend to continue the uptrend. However, the surge upwards was short-lived as the selling pressure rose, alongside many other crypto-assets in the space.
WAVES tested the $2.3-support during this drop. However, the bounce off the support level occurred on very low trading volume, as indicated by the cyan arrow. This suggested that the bounce was short-lived, and the price could be headed for another drop.
The RSI corroborated such bearish momentum with a value of 42,
Crypto.com Coin [CRO]
CRO closed beneath $0.150 and quickly slid down to the support at $0.145. The 20 and 50 SMA (white and yellow respectively) formed a bearish crossover to signal a near-term downtrend.
The Awesome Oscillator also concurred and highlighted bearish momentum for the crypto-asset.
It is likely that the support at $0.145 would be lost over the next days.
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