There has been no clear trend for the crypto market in recent days. The trend was bearish, but when Bitcoin broke above $39.4k, the near-term outlook appeared to have shifted into a bullish bias. Now, BTC was trading at $39.2k at the time of writing, and certain altcoins such as Polkadot and Gala have ranged in recent days. Will the lows of the range be revisited and are bulls strong enough to exert some buying pressure?
Polka Dot (DOT)
DOT has formed a range (yellow) between $16.17 and $17.57 for the past few days. It appeared to flip the $17.6 range highs in the past 24 hours, but has been selling heavily since then. It traded at $16.9, just above the $16.81 support.
The RSI dipped below neutral 50 and the Aroon Indicator showed that the bullishness of recent days was over. The midpoint and lows in the range could provide support for DOT for the next few hours.
For Cosmos, there were three levels of interest in the past week. These were the $27.7 support area and the $29.8 and $31.5 resistance zones. In the past few days, ATOM found demand at $27.7 and had an impulse bullish move to $31.5. $29.8 was expected to flip to support.
But the recent sale forced the price to move back into the $27.7 demand zone. The Awesome Oscillator went below the zero line to show bearish momentum while the CMF was at -0.24 to show significant capital flow out of the market.
GALA also formed a short-term reach (yellow) on the charts. At the time of writing, it had fallen below the $0.223 level. The OBV showed that sellers have been dominant over the past week. There has been some backlash from buyers in recent days, causing the MACD to climb past the zero line as GALA rose from its lowest range of $0.21 to $0.235.
Again, the lows of the range could be tested again by price. The MACD was again below the zero line as bearish momentum solidified.