For the past seven days, the broader cryptocurrency market has been heavily bearish, and as a result, the industry’s altcoins have had a terrible time as well. Tezos forecasted a significant market sell-off and a drop in market capitalisation. Polkadot hinted of higher price volatility, but with more buying pressure, the alt may find a more stable position on the charts. Finally, as of press time, Dogecoin was still flashing escalating bearish indications.
At press time, XTZ had broken through its critical support level of $2.15, trading at $2.13, a 9.9% drop in 24 hours. Over the same time period, Tezos’ trading volume climbed by 43.43 percent, but its market capitalisation decreased by 9.88 percent.
The Average Directional Index nearly reached 40 on the 4-hour trading chart, indicating that the present market trend may be reversing and a trading range may form. The altcoin was remained in the oversold zone, as it was discounted due to a sustained and powerful drop, according to the Relative Strength Index.
A negative crossover on the MACD indicator on July 19 indicated short-term bearish pressure in the market.
Like other altcoins, the value of DOT has been falling. DOT has lost 10% of its value in the previous 24 hours. Because bearish pressure was so severe in the bigger crypto market, it didn’t appear that DOT would go higher.
If the alt proceeds north, it will run against resistance at $10.84, and then at $14.00. If purchasing pressure returns to the market at that point, the price is likely to rebound.
The Relative Strength Index showed a small increase, but the coin was still heavily oversold and cheap. A small amount of buying pressure can help the coin rise and avoid being oversold. The Chaikin Money Flow noticed a small rise in capital inflows over outflows in response to the buying push.
The Squeeze Momentum Indicator indicated a squeeze release, implying that volatility might change during the next few trading sessions.
The price of Dogecoin has dropped by 7.3 percent in the previous 24 hours and by nearly 20% in the last week. DOGE was trading at $0.165 at press time because to the downturn. DOGE purchasers and traders have withdrawn from the market as a result of the price drop. DOGE’s technical chart showed a rise in bearish pressure, signalling that the altcoin could fall much worse in the future.
Price variations may occur as the Squeeze Momentum Indicator indicated a relaxation in the squeeze, implying that market volatility may rise in the coming trading sessions. The Awesome Oscillator indicator’s negative signal grew stronger as the red signal bars grew in quantity and strength.
The price of the alt has been on a downward trend, with the dotted lines of the Parabolic SAR staying above the candlesticks, indicating a strong bearish influence in the market.