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Looking at the Bitcoin Dominance over the last few hours, it seems that, unexpectedly, Bitcoin has sustained more losses than the altcoins over the last few hours. The altcoin market suffered losses as well, with Cardano falling below $1.09 once more and Dogecoin unable to stay onto $0.06. VeChain fell 10%, but its longer-term uptrend appeared to be intact.
ADA jumped dramatically off the $1 mark, reaching the range’s midpoint (cyan) at $1.14 but unable to break through. The bulls did not mount a defence against the retest of $1.09 as help, and ADA saw the $1.09 tested as resistance before another leap lower.
As the DMI indicated a clear downtrend in development, technical indicators presented a highly bearish view. The Chaikin Money Flow tracker showed that cash was streaming out of the market, which is yet another indication of seller domination in recent hours.
ADA was selling at $1.01 at the time of publication. The $1.02 mark marks the 61.8 percent retracement of ADA’s surge advance from $0.81 to $1.48. The $0.96 level could act as support underneath it.
DOGE tended to shape a cup-and-handle template, but the possible configuration was shattered by its approximately 8% drop in the previous six hours alongside Bitcoin. A double-top at $0.063 suggested bullish weakness.
In the short term, sentiment was bearish as the MACD developed a bearish crossover. The Volume Profile Visible Range illustrated the $0.056 and $0.051 areas as future DOGE help in the coming days.
The 4-hour chart indicates that the bullish energy of recent weeks has not been extinguished by the recent hours. However, as VET reached $0.07, the momentum started to slow.
Even though the RSI stayed above neutral 50, implying bullish momentum, it formed lower highs as the market reached higher highs over the past week, implying a reversal is in order.
A drop to $0.0654 or even further to $0.06 is possible. The short-term view is bearish, but an hourly session has yet to end below $0.068. If VET falls below this mark, it will most likely shift to $0.064 in the coming days.