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On June 7, the market had a massive drop, which impacted every currency. Bitcoin declined 9.75 percent, while the whole market value plunged 10.46 percent, losing more than $171 billion in 12 hours. This was also true for cryptocurrencies, notably Polkadot, which sank 15.2 percent, Uniswap, which plummeted 14.4 percent, and VeChain, which plunged 17 percent.
Polkadot [ DOT ] :-
Polkadot was trading at $21.03, inching closer to its support level of $18.78. Since June 4, DOT’s performance has been constantly dismal. The Relative Strength Index (RSI) had been moving along the neutral line until today, when it was detected in the oversold zone due to heavy selling pressure.
Even Simple Moving Averages – 50 SMA (orange) and 100 SMA (red) – shifted from support to resistance since they were put above the candlesticks. The market was now in a ‘squeeze release,’ according to the Squeeze Momentum Indicator. Because the light red bars showed increased bearish pressure, this indicated that the downturn may last a little longer.
If the price recovers quickly, it may prevent the currency from going below $18.78; otherwise, $15.90 will operate as the next support level.
Uniswap [ UNI ] :-
Uniswap’s price fell to $23.26 in the previous 24 hours, breaking the small uptrend it had established. Because the coin was $1.1 away from reaching the support level at the time of publication. As the blue indicator line dipped below the red signal line, the MACD indicator clearly indicated a bearish crossing.
At the time of writing, Bollinger Bands were strongly diverging, indicating oncoming volatility. Although it is less than 25.0, the Average Directional Index (ADX) is increasing, and if the indicator rises over the neutral line, the downtrend may accelerate.
If UNI recovers quickly, it will remain below the $29.93 resistance level. If the currency falls below the active support level, the next level of support will be formed at $18.63.
VeChain [ VET ] :-
VET had been advancing towards its $0.14 resistance levels, and it was possible that the currency might break through it. However, at the time of writing, the currency was trading at a low of $0.109, just above the $0.09 support level. For a long, the white dotted line was above and far away from the candlesticks, indicating a significant downturn.
According to Chaikin Money Flow, capital outflows have been continuously high over the previous three days, and the indicator was far below the neutral line at the time of writing. The Awesome Oscillator demonstrated similar fluctuations, with the presence of red bars on the indicator indicating increased negative momentum.
While the price signal is approaching support, it is still a long way from the bedrock $0.07 level. VET will still require more negative indicators to fall further behind.