Though the crypto space remained without massive volatility, some alternative coins showed retracement signs. Bitcoin Cash sustained downswings in the short term as Polygon and Chainlink recorded new weekly peaks before beginning bearish tendencies.
BCH lost 2% in the past 24 hours to trade at $624.7. Last month’s sessions had Bitcoin Cash bulls amplifying their actions as the alt oscillated within an ascending triangle formation comprising higher highs.
Meanwhile, vital technical indicators confirmed sellers’ dominance in the short term. If bulls fail to maintain the ascending pattern, BCH will consolidate under the closest resistance level at $653.31.
The Relative Strength Index stayed beneath the half-line around the 48 levels, depicting downswings. Moreover, the signal line remained beyond the MACD as the histogram displayed red sign bars, confirming dominating selling momentum.
Also, the Directional Movement Index followed the previous readings. Moreover, the Average Directional Index stayed near the 14 levels and highlighted weak directional trends.
Chainlink challenged new resistance levels and targeted higher zone after breaking past the $27 level. LINK recorded a five-week peak near $31 the previous day and stayed beyond its closest resistance point at $30.42.
LINK assumed bullish tendencies, exhibiting 1.5% and 9.94% upsurges on the daily and weekly price charts, respectively. The altcoin maintained its trading price beyond the 20-Simple Moving Average and 50 Simple Moving Average, confirming bulls’ optimism to keep their momentum.
Meanwhile, vital technicals seem to favor surging selling pressure. The Relative Strength Index dropped by 12 points, dipping in the overbought region. At the same time, the +DI Line flashed massive buying momentum though depicted downswings. Furthermore, the Awesome Oscillator had a red sign bar, confirming reduced buying momentum.
Polygon (MATIC) saw a somewhat mixed price picture in the past ten days, oscillating in a narrow range, securing its resistance level at $1.672. Bulls showed their dominance as MATIC attained a six-week peak on October 23. The coin gained 2.5% in the past day to trade at $1.584. Meanwhile, bears appeared to claim their position, favored by vital technical indicators.
The Relative Strength Index exhibited a downswing and hovered near the 58-level. Moreover, the Signal Line and Moving Average Convergence Divergence flashed a bearish cross as the Awesome Oscillator showed incoming red sign bars.