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 stage. Polkadot merely slid beneath a excessive timeframe demand zone as sellers exerted extra strain. Stellar Lumens discovered some respite on the $0.1 stage.
FTX Token (FTT)
The change token FTT continued on its bearish pattern, which was unsurprising given the worry 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 largely been in favor of the bears.
The MACD additionally confirmed strengthening downward momentum, and it seemed like FTT could possibly be pushed towards $25. There might 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.
The $10.5-$11.5 space had been an space of demand from which DOT rallied beforehand in July 2021. In the previous 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 type a bullish divergence, however this may seemingly not be the tip of the downtrend. A bounce towards the $8.5 zone could be anticipated. However, the OBV is on a powerful downtrend and confirmed that consumers aren’t ready of power but.
Stellar Lumens (XLM)
XLM, like many different altcoins, has been transferring swiftly decrease on the charts up to now few days. It dropped to the $0.1 psychological and better timeframe help stage and noticed a bounce to the $0.11 space.
Both the Awesome Oscillator and the MACD confirmed robust bearish momentum, whereas the CMD was effectively beneath the -0.05 mark. Hence, there was an enormous capital circulate out of the market up to now few days, and shopping for the dip may not be a good suggestion but.