Crypto Markets Analysis: While the two largest cryptocurrencies by market cap trade near recent levels of support, lesser known altcoins trade at twice their average volume. GWilliamsJr_CMT reports
While bitcoin and ether slid for a fourth consecutive day to trim a portion of their respective 66% and 53% year-to-date gains, a couple of lesser-known altcoins rose on high trading volume Tuesday.
Lower volume nodes between 26,700 and 25,000 represent areas where prices could decline quickly, given the decreased levels of historic agreement.The current level of support will have been broken through to the downside.The next higher volume node to the downside sits at $23,950, roughly 14% below current prices.
The spread between ether’s Bollinger Bands has been declining over the most recent seven days, declining by 3% most recently. The narrowing volatility coincides with high volume nodes at $1,811, implying that near-term support exists for ETH prices.
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