FTX Token, Stellar Lumens, Polkadot Price Analysis
The crypto market bloodbath escalated as the altcoin market dropped further south. FTX Token tried to rise beyond $30 but could not steady above the level.
Polkadot declined below a demand region on the high timeframe as sellers ensured intensified pressure. Stellar Lumens saw some relief at around $0.1.
FTX Token (FTT)
The exchange crypto FTT extended its bearish bias, an unsurprising outlook as the broad market sustained fear at this publication. The Relative Strength Index has stayed beneath the 50-neutral for most sessions since the past week, showing momentum favoring bears.
The Moving Average Convergence Divergence also highlighted strengthening bearish strength. For now, FTT seems primed for declined towards $25.
While publishing this content, FTX Token traded at $29.08, losing 10% over the past day. That altcoin should push past $30 to indicate improved sentiment. However, that wouldn’t mean an end of the bearish wave.
Polkadot (DOT)
Polkadot uses the value between $10.5 and $11.5 as its demand zone. The altcoin previously rallied from this level in July 2021.
However, intensified bearishness across the crypto space over the past couple of days pushed the alt below the region. Moreover, DOT retest the market as a supply zone.
The Relative Strength Index seemed to print a bullish divergence, though that wouldn’t mark an end to the prevailing downswings.
Enthusiasts can expect a rebound to the $8.5 mark. Nevertheless, the on-balance volume maintained massive declines, confirming buyers’ weakness. While writing this content, DOT traded with a 20% 24hr loss at $8.43.
Stellar Lumens (XLM)
XML mimicked price movements by other alternative tokens, maintaining swift declines over the past couple of days. The token plummeted towards the psychological zone of $0.1, hitting a higher timeframe foothold before witnessing a rebound to $0.11.
The Moving Average Convergence Divergence and the Awesome Oscillator displayed massive bearish strength, whereas the CMD remained well under -0.05. That confirmed massive cash outflows from the market within the past couple of days, and dip-buying isn’t a lucrative idea for now.
The altcoin market crash mimics declines in the broad market. The crypto spectrum witnessed an intense downside spiral that saw many tokens surrendering their crucial footholds.
The global cryptocurrency market capitalization stood near $1.23 trillion at this publication, following a 12.39% 24hr decline.
