The broader cryptocurrency market observed heavy bearish influence for the last 7 days and consequently, it has been a difficult time for the industry’s altcoins too. Tezos pictured a major sell-off in its market and a fall in market capitalization. Polkadot hinted at greater price volatility, but with an increase in buying pressure, the alt might stabilize on the charts. Finally, Dogecoin still flashed growing bearish signals at press time.
Tezos [XTZ]
XTZ[2] broke past its crucial support level of $2.15, trading at $2.13 at press time, a level that marked a 24-hour decline of 9.9%. The trading volume for Tezos increased by 43.43% and its market capitalization fell by 9.88% over the same period.
On the 4-hour trading chart, the Average Directional Index almost neared the 40-mark, signifying that the current market trend could be on the decline and a trading range could develop. The Relative Strength Index showed that the altcoin was still in the oversold zone as it was undervalued owing to a steady and strong downtrend.
A bearish crossover on 19 July, as seen on the MACD indicator, depicted short-term bearish pressure in the market.
Polkadot [DOT]
DOT[4] also has been declining in valuation just like other altcoins. Over the last 24 hours, DOT lost 10% of its value. As bearish pressure was very strong in the larger crypto-market, it didn’t look likely that DOT would embark on an upswing.
However, if the alt moves north, it would see resistance at $10.84 and subsequently, at $14.00. If buying pressure finds its way back to the market then, the price would expect to see some recovery.
The Relative Strength Index displayed a tiny uptick, however, the coin was
