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Bitcoin retraced after meeting the $42K resistance level. While publishing this content, the bellwether crypto exhibits bearish signals at $39,039.66. Such actions had the altcoin market outlook shifting to bearishness. Moreover, alts might witness further losses in the coming few days. Chainlink struggles to keep a crucial support level.
Chainlink (LINK)
Chainlink seemed to flip its short-term outlook to bullish from bearish when the alt printed a higher low near $12.91 before climbing past the resistance zone at $13.4. Nevertheless, things remained unclear. LINK’s long-term bias has been bearish, but the last two weeks saw the price grinding higher from the lows at $11.5.
The RSI plunged under the neutral area (50). That happened as prices hovered around the critical zone at $13.3. Bulls holding this value zone will see the short-term outlook remaining optimistic. However, the seller dragging the token beneath $13.45 would translate to a bearish bias once more.
Ethereum Classic (ETC)
Ethereum had its price actions inside a descending channel. Meanwhile, the altcoin had met resistance at the channel’s topside line at $28.1 and moved lower at this publication. Selling momentum over the latest hours saw ETC breaking the support floor at $27.24.
The on-balance volume maintained a sideways outlook within the past couple of days. That meant neither seller nor buyers were in control of the token recently. The Awesome Oscillator flashed a red bar on the histogram, showing a rising bearish momentum. Ethereum Classic might discover some support around the channel’s mid-area within the upcoming hours.
Filecoin (FIL)
FIL has secured support around the $18.29 mark over the past couple of days. While publishing this content, the alt traded at $17.8. Moreover, Filecoin’s momentum was massively bearish. Meanwhile, a session close under $17.7 might see FIL testing $17.3, then $16.8 within the upcoming few hours.
The Relative Strength Index dives towards the oversold region as the DMI suggests that bearish trends had more persuasion than bullish within the previous week.
The altcoin market will depend on BTC and broad markets’ trends for upcoming directions. For now, the crypto spectrum retains a bearish outlook, the global market cap changing hands around $1.74 trillion at this publication.
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