The cryptocurrency market appeared to be in a volatile phase, as the price of the largest digital asset, Bitcoin met strong resistance and once again slipped under $9k. This fall was replicated in the altcoin markets and a change in price trend was highlighted.
The price of EOS has been working towards a recovery from the 12 March fall, however, a sudden fall in May pushed its price lower. At press time, EOS was valued at $2.50, whereas the immediate resistance was at $2.90. Whereas te support was as close as $2.38, as it struggled to hold its price higher than the support.
According to Bollinger Bands, EOS has succumbed to bearish sentiment in the market as the moving average remained above the candlesticks for almost 10 days. The divergence of Bollinger bands indicated that EOS was under the volatile zone.
Recently, Block.one, a company that controls 100 million [10% of total supply] EOS tokens was slammed with a class-action lawsuit by a cryptocurrency investment fund. The Investment fund argued that the company members and a former partner were trying to “capitalize on the investor fervor of cryptocurrencies” in 2017 allegedly to host an illegal securities sale.
IOTA has been preparing for its Chrysalis update, scheduled to take place in July, and according to its developer, Hans Moog the update will transform IOTA into the fastest and safest Distributed Ledger Technology [DLT]. This has been a good update for the community and adding to the coin’s performance this year. IOTA has been retuning 12.52% and was being traded at $0.1932, whereas its resistance was marked close to $0.216 and support rested low at $0.1730.
Despite a positive YTD return, IOTA’s market has been overtaken by the bears. According to the MACD indicator, the price momentum has switched direction, with very little momentum. As the MACD line dipped under the signal line, the market trend changed to bearish.
Basic Attention Token [BAT]
Basic Attention Token [BAT] has been among popular altcoin projects as the team helped to expand on privacy features. The Brave browser recently added cryptocurrency Nano for its over 12 million users. Apart from focusing on its growing ecosystem, the BAT token has been suffering from a 3.079% loss in its value due to the market turbulence. However, the gap wasn’t a big one and the altcoin might be able to reduce the gap in time.
Despite being on an uptrend, the fall in early May has pushed BAT’s price lower. According to the Parabolic SAR indicator, the alignment of its markers above the candlesticks indicated the changing price direction of BAT, thus pronouncing a bearish reign.