Selling pressure significantly affects the price in the cryptocurrency market. Of course, it is necessary to consider the sales pressure warnings for 5 altcoins. We explored which cryptocurrencies traders should pay attention to in the coming days. Let’s look at the details.
Altcoin Chainlink in critical phase
LINK is currently trading at $6. Altcoin Chainlink price has bounced off a critical support level that has remained unbroken for nearly five months. The one-week decline of 9% was affected by the market bearish trend and macroeconomic conditions. We have also witnessed the ongoing price drop as a result of the SEC’s regulatory pressure.
When all of this came together, investors were on the verge of losing their patience. Eventually they went for sale. This can be seen in active deposits of LINK tokens observed on-chain, which are currently at a seven-month high. This rise also means a sale. However, for bearish trends, there is likely a much larger army of bullish traders trying to take advantage of the lower price opportunity. Altcoin Chainlink is collected by these new addresses, including LINK sold by existing holders. The cryptocurrency is currently experiencing a bearish bias according to the Moving Average Convergence Deviation (MACD) indicator. Therefore, some bullishness is required for the Chainlink price. Also, the Average Directional Index (ADX) is not far from the 25.0 threshold. Accordingly, this is usually a crossover that gives strength to an active trend that is currently downtrend and should be avoided for now.
Tense wait for Matic
The price of altcoin MATIC dropped 15% as the recent SEC lawsuit against Binance caused a negative atmosphere in the markets. Panicked after the first sale on Monday, investors began withdrawing their tokens from various DeFi smart contracts. The price of Polygon (MATIC) has been in free fall since Monday after testing the $0.90 milestone last week. However, the selling pressure seems to increase in the coming days. In-depth analysis of Polygon’s on-chain data shows that interested investors are divesting MATIC tokens at an unprecedented rate.
Between May 29 and June 8, MATIC Supply in Smart Contracts fell from 64.9% to 63.7%. This means that 111.5 million altcoin MATIC tokens were disposed of last week. The Supply metric in Smart Contracts tracks the percentage of the total circulating supply that holders of a cryptocurrency have locked in various DeFi protocols. When investors sell off a large number of tokens in a short period of time, this can cause a spike in the volume of tokens that can be traded on exchanges. At current prices of $0.78, the recently disposed tokens are worth approximately $87 million. If a significant percentage of these tokens are released, MATIC holders can expect further price drops in the coming days.
ApeCoin discourages
ApeCoin’s (APE) performance over the past 90 days has been nothing short of discouraging for high-expectation investors. The price of the cryptocurrency, which also serves as the governance and services token of the Bored Ape Yacht Club [BAYC], decreased by 27.65% during the period in question. Despite some upside movements from other assets in the market, altcoin APE refused to join the trend. According to the 4-hour chart, the bulls tried to take control of the market on June 5. This came after a long period of bearish dominance. However, the token failed to prevent a sharp rejection at the top of the upside trajectory. According to Bollinger Bands (BB), the asset cannot be overbought despite the high volatility. On the contrary, there was a situation where demand decreased.
It should be noted that the APE price reaching the lower volatility band at $2.83 may have played a role in the recent rise. Specifically, if the price of $3.20 had reached the upper band of BB, Altcoin APE could be said to be overbought. The bulls tried to keep the buying pressure at $2.99. But the bears quickly suppressed this effort. Meanwhile, APE holders may have to deal with the token heading south. Because the Relative Strength Index (RSI) approached 30 after a short seesaw movement between June 5-6. Therefore, the current RSI at 40.31 indicates that the selling pressure is easing.
dogecoin
It’s been a tumultuous week for the crypto world. According to CoinMarketCap, many cryptocurrencies are trading in the red today. Dogecoin (DOGE) has not escaped its effects. Accordingly, it experienced a decrease of more than 2%. As a result, the meme coin is worth around $0.06779. DOGE lost 0.85% and 0.51% against Bitcoin and Ethereum, respectively, in the past day. Moreover, the price drop of altcoin DOGE further fueled its weekly performance of -5.25%. Meanwhile, there was a drop of over 35% in the coin’s 24-hour trading volume. Accordingly, the volume remained at $263,297,868.
From a technical perspective, DOGE’s price broke below the key support at $0.070461 on Monday. The price of the meme coin has plummeted since it fell below the key sign. It bounced back just above the next support level at $0.066663. Technical indicators on altcoin DOGE’s daily chart showed that the crypto price will continue to decline in the next 24-48 hours. The 9-day EMA line indicates that the price of DOGE has entered a short-term bearish cycle. Therefore, it sits below the 20-day EMA line, which is an indication that its price will continue to decline.
Altcoin SingularityNET (AGIX) below detsk level
SingularityNET (AGIX) price broke below a key horizontal support level. He ultimately confirmed this level as resistance. It may continue to decline in the near future. Altcoin SingularityNET (AGIX) price hit an all-time high of $0.666 on February 8. However, it has been in decline ever since. In the process, it bounced twice from the $0.320 support level. But he was unable to form higher peaks. This is a sign of weakness. It also indicates a lack of buying pressure at higher levels.
As a matter of fact, the altcoin price dropped below the $0.320 support level, indicating that the downtrend is continuing. Therefore, AGIX price is likely to continue its decline towards the next key support level at $0.170. This recession means a drop of over 33% from the current level. The daily RSI indicator dropped below the 50 level and sloped downwards. When we look at Kriptokoin.com, this supports the possibility of further declines.
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