Many of the market’s altcoins shared a brief period of correction on the charts, with Ethereum, IOTA, and Dash all noting a minor decline in price over the past 24-hours. While the latest crypto-giveaway scam on Twitter, one involving Bitcoin and a host of famous personalities, brought a little bit of attention to cryptocurrencies, it has otherwise been a dull period for the digital asset industry.
Ethereum [ETH]
Ethereum has been registering a descending channel on the charts over the past 24-hours. The token may possibly note a trend reversal from here on, with the support at $236 remaining pretty solid since 8 July. Further, the Relative Strength Index noted an uptick as well, with the RSI responding to the pressure of the buyers in the market.
With a market cap of $26 billion, Ethereum remained well clear of Tether on the cryptocurrency charts, registering a trading volume of $5.95 billion over the past 24-hours. The Bollinger Bands also pointed to reduced volatility in the near future, with the bands starting to converge and dampening any hopes of a significant hike on the charts.
Ethereum’s lead developer Justin Drake and Vitalik Buterin recently had a public disagreement on a Reddit AMA over the launch of phase 0 of Ethereum 2.0. While many expected the launch to take place by now, according to Drake, the ecosystem is nowhere close to being ready at the moment.
DASH
The attached chart illustrated a major downtrend for DASH over the past few days, with the valuation dropping from north of $75 to below $71, at the time of writing. However, the token had a decent trading volume over the past 24-hours, one backed by a market cap of $678 million. That being said, DASH remained outside the top-20 of the world’s largest crypto-assets.
For DASH, market indicators were contradictory. While the Parabolic SAR suggested a bearish trend for the crypto, the Chaikin Money Flow or CMF observed a fairly higher percentage of capital in-flows than out-flows, at the time of writing.
DASH payments have reportedly become more secure than before after Dash Pay recently activated LLMQ-based Chainlocks for its transactions.
IOTA
Finally, IOTA reported an identical trend to Ethereum on the charts with a prominent descending channel clearly evident. The 25th-ranked crypto registered a downtrend of 0.89 percent, at press time, with a market cap of $680 million. However, IOTA had a significantly weak trading volume of only $13.63 million.
Market Indicators remained bearish for the asset as while the Parabolic SAR’s dotted markers were observed to be over the candlesticks, the MACD registered a bearish trend as well, with the signal line continuing to hover over the MACD line on the charts.
The post appeared first on AMBCrypto
