As BTC is losing its $38,000 support level, the crypto market experiences a bearish attitude for now. Although, this does not happen on all occasions. Other assets tend to lose value responding to BTC losses. Altcoins like MATIC and Bitcoin Cash saw declines amid the low market volatility.
On the other news, Filecoin maintained the green zone, however, indicating selling pressure nearly the $95 resistance level. Let us analyze the prices of these altcoins;
Although with a 6% decline since that past day, backing the broader market corrections, Bitcoin Cash maintained between $620 and $720. The Bitcoin Cash 4-hr chart and constricted Bollinger Bands indicate decreased volatility since last week. Any volatility increase can force Bitcoin Cash back to the demand area ranging from $460 to 5$556. In such a case, investors can encounter a continuous selloff.
For a bullish move, BCH will have to break above the 100-SMA. That can see the coin hiking to $900.
After consolidating from May 24 to June 3, Filecoin broke over the $77.3 resistance area. However, the gains seem to hover at the $95 zone. Nevertheless, FIL witnessed a 21% surge over the past day. Some more sessions will indicate the current FIL rally. An $85 –level retest might allow Filecoin to stage an upward trend. Moreover, a breakdown can force the virtual object back to the 20-SMA and $75 support area.
Although MACD seems to maintain, the histogram shows a weak bullish momentum. A bearish move can dip FIL more in the next sessions. The OBV’s changes show constant selling pressure since last week. The worst of all is that the market correction might stall any incoming buying pressure wave.
MATIC has maintained a $1.75 to $1.98 channel in the last few days. However, its chart indicated a breakdown later. With a 12% decline since the last day, MATIC trades at about $1.48 to $1.51. For now, buyers will have to storm the markets to curb the selling pressure. However, failure to that will send the support levels to around $1.24 or $0.96. The SMI shows a bearish momentum but with lower volatility for stiffer losses.