27 Interactions, 4 Today
On August 1, the cryptocurrency market was trading in the green, with a 3% increase in market capitalisation. Altcoins have also seen positive growth. Polkadot gained 13.2 percent and appeared to be preparing to test its immediate resistance. Despite smaller gains, Tezos and Ethereum Classic displayed a bullish outlook on their technical charts.
DOT registered a staggering 13.2% gain overnight as prices rallied owing to broader market stability. At press time, DOT stood at $18.43. With a slight push from the bulls, the token would test its resistance level of $18.74. In the event that prices retrace, the support region for DOT can be marked at $16.77, followed by $15.76.
The market’s volatility remained high as Bollinger Bands expanded, indicating the possibility of price fluctuations. Other technical indicators were also pointing in the right direction.
The Relative Strength Index was seen to be above 70. At press time, it showed a slight decrease as buying pressure eased slightly. The Awesome Oscillator’s green signal bars grew in size and strength, confirming the market’s bullish force.
Since July 21, XTZ has shown consistent growth, testing its resistance levels one after the other over the last two weeks. XTZ increased by 13.4 percent in a week, but the coin only increased by 1.8 percent overnight. The asset was valued at $3.13 at the time of publication.
The initial resistance level for XTZ to test was $3.31. If the asset maintains its bullish momentum, it may trade above it. However, if it fails to test this level, it may fall and rest at $2.95, and then at $2.70.
Awesome Oscillator demonstrated the strength of the green signal bars and an increase in buying pressure on the 4-hour charts. The Relative Strength Index substantiated the same by noting an uptick. MACD indicator noted a bullish crossover and presence of green histograms at press time.
Ethereum Classic (ETC)
Despite sideways movement, ETC showed significant recovery from its $48.16 support region. It was $52.75 at the time of publication. Furthermore, with broader market support, it could test the $55.20 immediate resistance. In the last 24 hours, ETC has gained 3.5 percent.
If ETC fails to test $55.20, the token is likely to fall back to the $48.16 support level; however, as the technical charts indicate, prices may rise further. The Awesome Oscillator was displaying a growing bullish signal.
MACD displayed green bars, indicating the accumulation of bullish momentum. The Relative Strength Index (RSI) remained in the bullish zone as well, remaining above 60, complemented by a minor uptick at press time.