Altcoins Trend Lower After Underlying Selling Pressure

May 10, 2020 at 11:46 // News
Coin Idol
Cryptocurrency market is making an upward correction

Today, the below-listed altcoins are experiencing a downward move after a breakdown.  Bitcoin fails to breach the psychological level of $10,000. Consequent upon that the king coin crashed to $8,000.  The market is making an upward correction. The altcoins listed below are equally affected by the downtrend.

BSV/USD major trend: bearish

Bitcoin SV is in a downtrend. During the price surge on April 29, the coin rebounded and reached a high of $230. Suddenly, sellers emerge as price drops to support above $200. The crypto has been consolidating above the $200 support after the last bearish impulse. However, today during the price breakdown, BSV dropped to $180 low. The price has earlier broken the support line and closed below it. There is the tendency of a further fall to a low of $160. Meanwhile, the crypto is below the 40% range of the daily stochastic. This means that the market has bearish momentum.


BNB/USD major trend: bearish

Binance Coin was earlier in an uptrend as the market reached a high of $18.50. The bears pulled back the price and resumed consolidation. The market is currently fluctuating between $16.50 and $17.50. Unfortunately, the cryptocurrency may be experiencing a general breakdown. Today, the bears broke the $16.50 support and dropped at the low of $13.50. Nonetheless, the bulls pulled back price above $14.50. The selling pressure is likely to continue as the support line has been broken by price. BNB may depreciate to the low of $13.50. The crypto is at level 40 of the daily Relative Strength Index period 14. The crypto is in a downtrend and it is likely to fall.


XTZ/USD major trend: bullish

Tezos is in an uptrend. The coin has made significant moves as the recent breakdown may have little impact. In its recent uptrend XTZ has reached the high of $3 and it is approaching the overhead resistance at $3.50. On April 29, the crypto rebounded but was resisted at $3. Price drops to $2.70 low and moves up to retest the resistance at $3. Today, XTZ has been resisted at a $2.90 price level. The market has dropped to $2.40 low. However, the price has been corrected upward. The crypto may further depreciate if the support line is broken. The upward move will resume if the support line remains unbroken. Meanwhile, the crypto has fallen to level 49 of the Relative Strength Index period 14.


MKR/USD major trend: bearish

Maker was earlier in a sideways trend before its eventual downtrend on March 12. On March 12, the crypto fell to $200 low and commenced an upward move. In April, the price action was characterized by small body candlesticks like Doji and Spinning tops.  The candlesticks are describing that buyers and sellers are undecided about the direction of the market. Today, the bears have broken the support line and price closes below it. Maker has fallen to $318 low and further price fall is expected. The coin is below the 50% range of the daily stochastic. Maker is likely to fall. 


HT/USD major trend: bullish 

Huobi Token has been making impressive runs as the crypto reaches a high of $4.66. The bulls were resisted at the recent high as the market fell above $4.0 support.  Eventually, the bears broke the support line and the $4 support as the price fell to the low of $3.50. The price is making an upward correction to a high of $3.80. The upward move will resume if $3.80 support holds.  Nonetheless, the downtrend will resume as soon as the current support is broken.  The crypto is below the 40% range of the daily stochastic. This means that HT has bearish momentum.


Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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