Polkadot moved below its support level of $16.05, with its indicators suggesting more market bearishness over the coming trading sessions. Other altcoins such as Ethereum Classic and Creator pushed within set channels on their charts and awaited more cues from market leaders BTC and ETH.
Polkadot, the world’s fourth-largest cryptocurrency, stood at $15.7 at press time, down 8.6 percent in 24 hours. As the price could not break above the $18.9-resistance, the decline was an indication of the selling pressure that engulfed the market. The candlesticks moved below 20-SMA (yellow) and 50-SMA (blue) on the charts and indicated the DOT’s bear market. Furthermore, the indicators indicated that the bearish trend was on the increase and that on the charts the price could shift lower.
The red bars of the Amazing Oscillator rose below zero in length and the red bars on the histogram of the MACD did so.
Ethereum Classic [ETC]
As a lack of good momentum stopped a breakout in any direction, Ethereum Classic pushed between $7.74 and $7.06, rangebound. Low levels of trading and limited purchasing activity have accentuated the recent price behavior of the crypto. The price might slip below its immediate support level and advance towards $6.2-support in an extended bearish scenario. A bullish performance, on the other hand, will see the price increase to the $8.3-resistance mark.
Just above the oversold zone, the Relative Strength Index stabilized and highlighted the bearish essence of the price of the crypto.
The Chaikin Money Flow indicated on the charts that capital inflows into the market is starting to rebound.
At press time, Maker traded between a channel of $1,490.60 and $1,325.90, following his trend over the past five days. While it looked like the bears were about to flip the help for press time, in the last trading session, some bullish action was reported. A further pullback in the wider market, however, could see the stock head lower to $1,153.4, while a bullish situation could see an uptick in the immediate resistance.
As the bands were compressed, the Bollinger Bands proposed low volatility in the price.
The Amazing Oscillator eventually became bearish-neutral, but the momentum was poor.
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