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EOS and Filecoin Lead the Market Downtrend With an 11% Drop

By:
Aaryamann Shrivastava
Published: Aug 2, 2022, 19:23 GMT+00:00

The crypto market continued closing in red for the fifth day, although it did not lose much today, sitting at $1.05 Trillion.

EOS and Filecoin Lead the Market Downtrend With an 11% Drop

In this article:

Key Insights:

  • EOS fell by more than 10% today to trade at $1.19.
  • Filecoin was one of the worst-performing coins today, falling by 15.2%.
  • Bitcoin and Ethereum remained unmoved, trading at $23k and $1.6k.

The crypto market is possibly cooling down after the weeks of the rally, which is why every altcoin is taking a hit as well. As long as this cooldown does not extend into a drawdown, the market will be fine.

As it is, Bitcoin and Ethereum haven’t declined by a lot anyways, trading at $23,002 and $1,637, respectively.

EOS Slips Back Down

Following the broader market bearish cues, EOS noted a downfall of 10.72% which resulted in the price falling to $1.19. This came after almost a month and a half long streak of the incline, where the altcoin had risen by 50.45%.

It still had room for growth until yesterday, but things changed today, leaving EOS in a tough spot.

The Parabolic SAR’s white dots changed their position to sit above the candlesticks, which indicates a downtrend has officially begun for the asset. This is the first time SAR has exhibited this, as it has been in a consistent uptrend for more than two weeks.

This is also backed by the appearance of the red bar on the Awesome Oscillator for the first time since July 14, which, if is continued over the next couple of days, EOS could be testing the lows of $1.

Filecoin Files Itself With the Bears

Down by 15.29% in 24 hours, Filecoin lost the possibility of breaching the $10 mark, which has been acting as resistance for FIL for more than two and a half months now.

This drop came after a week-long rally where the altcoin managed to shoot up by almost 87% and recover the June crash losses.

Now the next challenge for FIL is recovering from the 48.54% downfall observed in the week during the May crash, where FIL fell from almost $16 to $8.

The Bollinger Bands are still exhibiting bullishness in the case of FIL as the candlestick is placed above the basis of the indicator.

Although the diverging bands indicate a rise in volatility, the altcoin will be safe from negative price swings as long as the candlesticks stay put.

The Chaikin Money Flow also indicated outflows at the hands of investors, but since they have not been excessive yet, FIL will not face any drastic decrease in price.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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