Bitcoin’s 2.9% gain in the past few hours has opened the door for a recovery for the altcoin market. The king coin still needs a convincing close above its 4:20 SMA. Accordingly, Tezos and Filecoin defended their key supports and saw a slight rebound.
Meanwhile, Cardano’s growth slowed down while its CMF dipped below zero.
Cardano (ADA)
Source: TradingView, ADA/USDT
ADA reversed in a rising channel from the key support of $1.12. While the altcoin recorded a 52.42% ROI (January 10 to January 18), it pulled back from the $1,594 resistance.
After taking the fifth-largest crypto spot, ADA has lost nearly $3.7 billion in market capitalization over the past two days. When it lost more than 12% in this time frame, the price fell to the equilibrium level of Bollinger Bands. Now, as the gap between the bands continues to decrease, alt could see a period of low volatility.
At press time, ADA trades at $1,431. The RSI fell sharply after testing the overbought zone. It shows neutrality by moving near the midline. Besides, CMF fell below the zero line, showing the increasing influence of selling over the past day.
Tezos (XTZ)
Source: TradingView, XTZ/USDT
As the XTZ bulls secured the four-month support at the $3.80 mark, the price action saw a decent bounce. As it marked a rising channel (white), alt broke several resistances until reaching a monthly high on Jan. 4.
Then, from the 61.8% Fibonacci resistance, it dropped to 29.4% and bounced again from the $3.8 level. Then, after seeing resistance at 20-SMA (red), it falls to the lower band of Bollinger Bands.
While OBV diverging in an uptrend with the price, XTZ marks a bounce from the lower band coinciding with the $3.8 support. At press time, XTZ is trading at $3,926. The RSI keep oscillating below the halfway line and pick the bears.
Filecoin (FIL)
Source: TradingView, FIL/USD
While the bulls have tested the $30.6 mark several times, the bears have not neglected to exert pressure. They have initiated a 13% recession over the past three days and secured a break below the rising channel (white).
Now, Super trend appeared a sell signal as FIL witnessed a bullish channel breakdown. Immediate test resistance is now 20-SMA (glaucous).
At press time, FIL trades at $28,065. After falling from mid lane, RSI rapidly plummeted to test the oversold zone twice in the past day. It has shown some recovery but has given the advantage to the bears.
Interesting, Momentum Squeeze indicator gray dots flashed. This reading followed a period of high volatility, which could hint at a quick rally.