The broader cryptocurrency market has seen a strong bearish impact over the past 7 days and as a result, it has been a difficult time for the industry’s altcoins as well. Tezos envisioned a big sell-off in its market and a drop in market cap. Polkadot indicated greater price volatility, but as buying pressure builds, the alt could stabilize on the charts. Finally, at the time of going to press, Dogecoin was still showing growing bearish signals.
XTZ broke its key support level of $ 2.15 and was trading at $ 2.13 at press time, a level that marked a 24-hour decline of 9.9%. Tezos’ trading volume increased 43.43% and market capitalization decreased 9.88% over the same period.
It’s on the 4-hour trading chart Average direction index almost approached the 40 mark which means the current market trend could be bearish and a trading range could develop. The Relative Strength Index showed that the altcoin was still in the oversold territory as it was undervalued due to a steady and strong downtrend.
A bearish crossover on July 19th, like on the MACD Indicator that represents the short-term downward pressure in the market.
Like other altcoins, DOT has depreciated in value. In the last 24 hours, DOT has lost 10% of its value. With downward pressure on the larger crypto market, it didn’t look likely that DOT would see an upturn.
However, if the alt moved north it would see resistance at $ 10.84 and then at $ 14.00. When buying pressure returns to the market, the price would expect some recovery.
The Relative Strength Index was on a tiny uptrend but the coin was still very strong in the oversold and undervalued areas. A little pressure to buy can drive the coin up and no longer be oversold. According to the buying pressure, the Chaikin money flow noted a slight increase in capital inflows versus outflows.
The Squeeze momentum indicator indicated a squeeze release which meant that the volatility aspect would fluctuate during upcoming trading sessions.
The price of Dogecoin has fallen 7.3% in the last 24 hours and about 20% in the last week. The downtrend had DOGE trading at $ 0.165 at press time. This drop in prices has proven to be detrimental for DOGE as buyers and dealers of DOGE left the market. The technical chart for DOGE indicated an increase in downward pressure, a result suggesting that the altcoin could decline even further in the future.
Price fluctuations can occur as the Squeeze momentum indicator noted a release of the squeeze, which meant that market volatility could increase in the next trading sessions. The bearish signal grew on Great oscillator Indicator, as the red signal bars increased in strength and number.
The Alt price is in a downward trend as the Parabolic SARs dotted lines stayed above the candlesticks confirming the fact that the bearish influence in the market was strong.