Cryptocurrency analytics firm Alphractal has published an in-depth assessment of the cryptocurrency market, shedding light on key trends in altcoin performance and Bitcoin movements.
According to Alphractal, many altcoins remain in overbought territory, with the one-hour Relative Strength Index (RSI) exceeding 60. However, despite recent gains, a large portion of these assets are still in the bearish territory of the daily Moving Average Convergence Divergence (MACD) indicator. This suggests that while short-term price gains have occurred, the overall trend remains bearish.
Some altcoins are currently experiencing overfunding rates, suggesting increased short interest. The most negatively positioned assets include KAITO, BERA, GNO, DEEP, AIOZ, IP, and FET.
According to the company, Cardano recently experienced a rapid “pump and dump” that led to significant short-term volatility. As a result, liquidation pools were formed at various price points:
- $1.1 for short liquidations
- $0.73, $0.67 and $0.58 for long liquidations
*This is not investment advice.
