With Bitcoin’s depreciating market dominance in the last month, Ethereum has been quick to capitalize on the same. The altcoin increased its market cap dominance to 18.24% in the last week.
Ethereum, Monero, and Chiliz saw a more than 10% price drop on June 7, however, they have been showing steady signs of recovery. With Monero depicting better price gains, Ethereum and Chiliz were inching closer to their support levels.
After Ethereum’s price fall on June 7, inflows for the altcoin still remained high following the Bitcoin trajectory. The biggest altcoin maintained its market monopoly with an ROI over the past 90 days of +46%, whereas the ROI over the last seven days was down by almost 11.48%.
On the one-hour chart, ETH underwent a bearish crossover as MACD lines inched closer to the signal line. The asset saw a 9.7% price gain after the price dip of June 7. ETH maintained its position before testing the $2532 mark again at press time. The asset traded at $2537 at the time of writing, however, a bearish crossover could push its price down. In that case, the next support lies at $2340.
Bollinger Bands for ETH showed convergence, suggesting a decreased price range and volatility for the altcoin. Further, Relative Strength Index for the asset highlighted that even though it was in the neutral zone, oscillating between 45-55, selling pressure was pushing in the market as the downtrend of the indicator suggested.
The altcoin saw a price rise of around 18% from June 8. The asset traded at $273 at press time, and was ranked 27 on CoinMarketCap, and saw a 24-hour price gain of 19%.
The upward trajectory of Monero’s price was coupled with cash inflows beginning on June 9. Chaikin Money Flow’s indicator maintained above the zero-line highlighting that inflows dominated outflows. However, a downtrend of the indicator suggested that cash outflow pressure was seeping in at press time.
Further, Parabolic SAR’s dotted lines below the candlesticks highlighted a bullish momentum for XMR. Additionally, MACD lines had entered a slight bearish crossover, which could push the price a little down. However, since the crossover was not prominent at press time and the indicator maintained its position above the signal line, a trend reversal was not likely.
The support level for Monero at the time of writing was at $257.6 while the resistance level was at the $293.1 mark.
After the price drop on June 7 which led Chiliz’s price to fall by almost 20%, the asset saw sideways price movement with short candlesticks and occasionally tested the $0.221 support mark. CHZ ranked 67 on CoinMarketCap and had a seven-day price fall of 17.16%.
Bollinger Bands for CHZ depicted convergence, suggesting a decreased price range and volatility for the altcoin. At press time, MACD lines entered a moderately bearish crossover, however, the indicator moved in close proximity to the signal line which could push the asset into a more dominant bearish position.
Further, the downtrend of Average Directional Index (ADX) pointed towards a less directional market. This could mean that the current trend could be weakening as the indicator fell below the 25 mark. If the asset’s price falls further, it could test the support at $0.221.