When it rains, it pours – Thus goes the saying. Bitcoin found its ceiling at $12,000 and failed to break past it, despite multiple attempts. In fact, the euphoria surrounding Bitcoin and the market’s surging altcoins seems to have abated off-late too. While the Fear and Greed Index registered a reading above 70 for all of August. It fell to 40 on 4 September, with the same reading 41, at press time.
Such a reading of fear was palpable across the altcoin market as well. Bitcoin SV, Steem, and Compound all looked to be losing levels of support alarmingly fast. A continuing downside could be in store for these coins in the coming days.
Bitcoin SV [BSV]
Bitcoin SV held its support level at $180 once, but could not repeat that trick again when the support was tested once more. This time, BSV’s price broke through to find the support around the $151-zone, with a further level of support at $126.
Here, it is possible that BSV might move even lower. The OBV highlighted the failure of the crypto-asset to register buying interest in force as the OBV has been unable to move above the trendline highlighted on the indicator.
In the next couple of days, the OBV would seem more inclined towards making lower lows if the support at $151 was lost.
Steem had its 100 SMA (pink) moving above its 200 SMA (purple). And yet, the cryptocurrency’s price was trading beneath the 200-MA, a level that had acted as a support a couple of times in recent sessions, before buckling under sell pressure.
The next support level for STEEM was at $0.152. Further, the Awesome Oscillator registered strong bearish momentum, a metric that had been reversing for a few sessions but might dip further into the red again.
STEEM needs to reclaim the 200 SMA before bullishness or a trend reversal is foreseeable on the charts.
Compound bounced briefly off its support at $211, before tumbling down once more. At the time of writing, it was trading at $172 and looked to have another support level in the $184-zone.
The next level of importance for Compound was around $152, a zone where COMP could consolidate.
The Directional Movement Index showed that the bearish trend still had strength. The ADX (yellow) was above the 20, as was -DMI (pink).
Finally, Compound was still ranked the 7th biggest DeFi token with a total locked value of $635 million, at press time.
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