The massacre continued on the charts because the altcoin market continued to plunge additional south. FTX Token tried to climb previous the $30 mark however was unable to remain above this degree. Polkadot merely slid beneath a excessive timeframe demand zone as sellers exerted extra strain. Stellar Lumens discovered some respite on the $0.1 degree.
FTX Token (FTT)
Supply: FTT/USDT on TradingView
The trade token FTT continued on its bearish development, which was unsurprising given the concern available in the market at press time. The RSI has been beneath the impartial 50 line for essentially the most a part of the previous week, which meant that momentum has principally been in favor of the bears.
The MACD additionally confirmed strengthening downward momentum, and it appeared like FTT might be pushed towards $25. There may some mild on the finish of the tunnel if FTT can push again above $30, however even this may not essentially imply the tip of the downtrend.
Polkadot (DOT)
Supply: DOT/USDT on TradingView
The $10.5-$11.5 space had been an space of demand from which DOT rallied beforehand in July 2021. Previously few days, the robust promoting strain pushed DOT beneath this space, and it has additionally been retested as a zone of provide.
The RSI did seem to kind a bullish divergence, however this may doubtless not be the tip of the downtrend. A bounce towards the $8.5 zone will be anticipated. Nonetheless, the OBV is on a powerful downtrend and confirmed that patrons are usually not able of power but.
Stellar Lumens (XLM)
Supply: XLM/USDT on TradingView
XLM, like many different altcoins, has been shifting swiftly decrease on the charts up to now few days. It dropped to the $0.1 psychological and better timeframe assist degree and noticed a bounce to the $0.11 space.
Each the Superior Oscillator and the MACD confirmed robust bearish momentum, whereas the CMD was effectively beneath the -0.05 mark. Therefore, there was an enormous capital stream out of the market up to now few days, and shopping for the dip won’t be a good suggestion but.
