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Bitcoin plummeted once more, this time to $38,692 as it encountered resistance at $42,000. Altcoins followed in the footsteps of Bitcoin, failing to maintain prices above their resistance levels. Tezos had made minor gains, but at the time of writing, the bears had taken control. The attempt by XEM to test its immediate resistance was thwarted when it fell by 4.6 percent. MIOTA was on the verge of falling below its current support level.
At the time of publication, the price of XTZ was $3.07. In the midst of market volatility, it recorded a minor gain over the last 24 hours. However, Bollinger Bands showed some convergence, indicating that volatility may decrease in the coming trading sessions.
Since the beginning of July, XTZ has tested its $3.08 resistance level, above which the coin has been unable to surge. Because of the recent drop, the coin has pushed below it. Despite a drop in buying pressure, the Relative Strength Index remained above 50, indicating continued strength.
The Awesome Oscillator displayed a bearish signal, indicating the presence of the same. If the price of XTZ falls below the current level, it may end up on the $2.77 price floor and then at $2.58. On the upside, the next possible resistance level was $3.27.
Since July 21, the XEM token has been steadily rising, breaking through numerous resistance levels one after the other. It was on the verge of breaking through the $0.185 resistance level.
However, the recent price drop has pushed the token down to the $0.161 support level. The coin was priced at $0.161 at the time of publication, a 4.6 percent decrease.
As the dotted lines aligned above the candlesticks, the Parabolic SAR validated the downtrend. In the event of a dip, the support region remained at $0.154 and then at $0.137 in the event of a continued downtrend.
The bulls had held the Realtive Strength Index since July 19, but at press time, the indicator had broken support and plunged into bearish territory.
On the Awesome Oscillator, red signal bars flashed potential signs of gaining momentum.
MIOTA fell 2.4 percent overnight as it approached the $0.877 support level. Based on the technical indicators, the bears may apply additional pressure, and MIOTA may soon reach the price floor of $0.778.
Just a few days ago, the Relative Strength Index entered the overbought zone before falling to its midpoint at press time.
The Awesome Oscillator showed red signal bars, indicating a decrease in buying pressure.
At the time of publication, MACD’s red histograms were also growing.
In the event of a price reversal, MIOTA will face resistance at $0.97 once more.