During the second week of October in response to Bitcoin’s negative momentum the altcoin market witnessed a downfall yet again. The same bearishness was visible on the daily charts of Crypto.com coin as it lost nearly 10% in the last two days. Tezos and Digibyte too recorded mounting selling pressure, with the two digital assets at the brink of losing another level of support.
Crypto.com Coin has lost nearly 10% in value over the last 48 hours, the LTP recorded at press time was $0.141. A steep fall sent CRO prices back to the $ 0.142 level.
A bearish crossover was seen in the Aroon indicator with Aroon down (blue) rising above the Aroon Up (orange), further ruled out any signs of a recovery just yet. The bearishness was far from over, as the Parabolic SAR too underlined a downtrend, suggesting a further loss of the immediate level of support in the short term.
The Awesome oscillator in the Tezos market displayed a clear bearish crossover below the zero line, a sign of expected price retracements for the digital asset. The divergence in the Bollinger Bands meant that the volatility level was on the rise, and a wide price action, given the bearish scenario could side with the bears.
Given the retest of the $ 2.308 level of support at press time, a strong sell signal picked up from the technical indicators, might further push down XTZ prices over the next few days.
DigiByte was trading just under the $0.0239 level of support following a 2% drop in price since Tuesday.
Relative Strength Index with its lower lows was seen heading towards the 30 level, an indication of rising selling pressure. MACD too, after a brief display of convoluted lines, broke into a slightly bearish setup.
The digital asset has broken its support level could be headed for a free fall, with the base of the trendline as its next immediate support.
In other developments, DigiByte announced on twitter that its much-awaited Soyyo ID will be launched soon. The identity verification protocol could also be used to validate and verify social media accounts.