The price of Bitcoin has jumped from $38.2k to $40.6k in the past few days, then returned to the $38k level. Altcoin prices have been moving all over the place because of this volatility, and so have the price charts. After several days of accumulating inside a range, Dogecoin saw a sudden rise. The price of Litecoin and Chainlink both continued to fall.
DOGE/USDT Price Chart. Source: TradingView
DOGE jumped from $0.122 to $0.171, prompting the creation of a series of Fibonacci retracement levels (yellow) based on the swing lows and highs. DOGE had also fallen below the $0.14 supply zone the day before.
The price has been able to get some help from the $0.134 level. Indicators of momentum were negative, with the Awesome Oscillator and the Moving Average Convergence Divergence both falling below their zero-line or zero-point values. The CVD was also under a lot of selling pressure. Because of this, bulls must break the $0.14 level and the Fibonacci retracement mark to build a case for themselves.
LTC/USDT Price Chart. Source: TradingView
In recent days, LTC has been trading in a declining channel (yellow). To the north, the $101 and $104 levels, which indicate the channel’s mid-point and peaks, are expected to be significant resistance levels.
The Relative Strength Index stood at 29.6, indicating that the market was oversold. This may cause the price to bounce and rebound temporarily before continuing to fall. A downward trend in the on-balance volume indicates that more shares were sold than were bought over the last several trading days. As a result, a rise to $100 before a subsequent dip was the most plausible situation for Litecoin during the next several days.
LINK/USDT Price Chart. Source: TradingView
LINK, like LTC, has been on a downward trend for the past week. The A/R has been continuously declining, indicating consistent selling pressure. This proved that the downturn was supported by genuine sales. The Relative Strength Index stood at 36, indicating a strong bearish trend.
The ADX (yellow) and also the -DI (red) were both well over the 20 mark, indicating a significant downturn in the DMI. Even though it has not hit $13.58, the price has also made new lows and highs below that level.