While Bitcoin and Ethereum appeared to hold fort on the charts, other altcoins were undergoing a severe period of price drops yet again in the industry. Consistent bearish pressure became an unavoidable situation in September 2020, as Chainlink, Ontology, and FTX token experienced another period of depreciation over the past day.
Source: LINK/USD on Trading View
While Chainlink attempted to breach the $10 mark over the past 12-hours, the exponential 50-Moving Average exuded steady sell pressure. The price retraced right after, dipping by 5.14 percent over the past day. With a market cap of $3.41 billion, Chainlink has currently slipped down to 8th in the rankings. However, the asset incurred a decent trading volume of $1.87 billion.
Stochastic RSI suggested that pullback from $10 was supposed to take place as the signal line crossed over the bullish line in the overbought zone. While Chaikin Money Flow or CMF suggested capital inflows remain high, outflows were slowing picking up pace at the moment.
From an adoption side, Alchemy Pay, a pioneer in hybrid digital and fiat payment solutions, is integrating Chainlink’s Price Feeds to help power DeFi products in its DeFi platform.
Source: ONT/USD on Trading View
Ontology continues to oscillate within the trendlines of a descending channel, as its value dipped by 3.57 percent in the past 24-hours. With an average trading volume of $189 million, its market cap of $469 million has kept the asset at 40th in the rankings. Ontology tokens were valued at $0.624 at press time.
Similarly to Chainlink, ONT tokens faced an overhead resistance from 50-EMA as well, but Chaikin Money Flow or CMF suggested a clear dominance of outflows in terms of capital. Awesome Oscillator or AO also suggested a depleting momentum with the trend becoming increasingly bearish with the passing hour.
FTX token [FTT]
Source: FTX/USD on Trading View
The parallel sideways movement for FTX is fairly obvious because it is dependent on the FTX exchange. With the markets currently low in terms of trading volume on all fronts, FTX token was not receiving a lot of traction from the market.
Its trading volume was limited to a measly $3.6 million as the market cap was clocked in at $342 million. With a minor hike of 0.51 percent, FTX is expected to move towards $3.70 at the moment, keeping in line with the recovery from the Relative Strength Index. Awesome Oscillator or AO suggested a neutral trend with neither the bulls nor the bears taking relative charge in the industry.
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