Even though Bitcoin moved closer to the $34,000 level and saw some positive movement on the charts, some altcoins remained cautious and awaited stronger cues for a more definitive move. Such was the case with ETH and TRX, both of which were moving sideways at the time of writing. On the other hand, SUSHI showed signs that its bullish cycle was losing some steam.
January has been a stellar month for Ethereum. During the last 30 days, the world’s second-largest cryptocurrency has given impressive returns of over 80% and has seen its price rise to new levels. However, at the time of writing, a bit of sideways movement was witnessed on the charts as the 24-hour trading volume dropped by 40%. It was interesting to note that despite the low trading volume, ETH’s price remained above its 20-SMA (blue) and 50-SMA (yellow).
The on-chain metrics gave mixed signals and suggested that stronger momentum was required for a definitive move in either direction. The Awesome Oscillator was bullish-neutral, while the MACD was on the verge of a bearish crossover.
Tron showed some bearishness over the past couple of sessions and traded close to its immediate support at $0.031. The Chaikin Money Flow attested to the recent bearish nature in the price, as the index remained well below the half-line and showed a lack of capital inflows. Even though the trading volume was subdued over the past 24 hours, the bulls held prices at the current support. The Relative Strength Index was relatively neutral as the index remained just above the half-mark.
Moving forward, TRX could continue to move rangebound between its immediate resistance and support and a breakout in either direction could depend on strong cues from the broader market.
Sushiswap’s recent bullish rally finally showed signs of slowing down after some bearishness was recorded in the past couple of trading sessions. The On Balance Volume noted a dip – an indication that buyers were reducing in the market. Despite the recent slowdown, SUSHI has provided returns of nearly 200% in the last 30 days and has seen its price scale to multiple all-time highs.
For now, the Relative Strength Index moved lower from the overbought territory, suggesting that a reversal was on the cards. However, it was unclear whether the recent bearishness was a minor correction or the onset of a complete bearish reversal. The coming sessions could add some more clarity on the price and its path forward.