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Following the market leaders Bitcoin and Ethereum trading marginally below their respective ATHs, the majority of altcoins market remained conservative and showed consolidatory activity, anticipating the next big step. At the time of writing, DOGE and FTT were both confined between a narrow channel.
Dogecoin, like BCH, was in a state of equilibrium for the last few days, with the price oscillating between $0.059 and $0.056. In terms of DOGE’s short-term course, the indicators provided contradictory signals. After approaching a bearish convergence in the overbought zone, the Stochastic RSI pointed at a turnaround. The Awesome Oscillator, on the other hand, bent marginally in favour of the bulls.
A step below the current channel could be cushioned by the $0.054-support level. An upward breakout, on the other hand, will most likely be capped at $0.063.
FTX Token [FTT]
After a bearish crossover on the MACD, FTX Token cooled off from record highs and moved southbound on the 4-hour charts. At the time of publication, the fast-moving line was superimposed on the signal line, indicating market neutrality. However, the consolidation phase was a major development for the bulls in the long run, and an uptrend could begin after the stabilisation.
The CMF remained above the half-line, indicating that healthy capital inflows could see FTT retain its immediate support in the coming sessions.