By Nathan Ferguson
Bitcoin and the cryptocurrency space witnessed bearish pressure within the past day. The altcoin market recorded pessimistic moves. For instance, Polkadot created a bearish setup before encountering rejections around a resistance zone. Polygon plunged under the $1.4 mark and seemed ready for further plummets towards the $1.3 range lows. Also, Filecoin exhibited bearish actions.
Polkadot (DOT)
The past week had Polkadot on a climbing wedge setup as DOT rose towards the resistance level at $19.4. The alternative token saw a slight surge beyond $19.5 but faced rejections within no time, plummeting towards the $18 lows.
The Relative Strength Index declined under the neutral 50 and highlighted bearishness for the crypto. The demand zone plus Fibonacci retracement areas displayed $18 as a dependable support floor. Nevertheless, the on-balance volume noted dominant selling volume, suggesting further drops for DOT.
Polygon (MATIC)
The VPVR had the Value Area Highs and Lows of the previous fourteen days at $1.46 and $1.37. The Point of Control (POC) stood at $1.41, and MATIC traded under the Value Area Lows at this publication.
Evaluating the price trends within the previous two weeks shows the alt created another near-term range from $1.31 to $1.48. Meanwhile, the range’s mid-point at $1.4 surrendered to bears. The Awesome Oscillator (AO) displayed massive bearish pressure for Polygon. Thus, MATIC can head towards the $1.3 range lows again.
Filecoin (FIL)
Filecoin’s Relative Strength Index on the hourly price chart tested 50-neutral as a resistance level and could not rally past it. Therefore, the indicator highlighted neutral momentum. The CVD revealed that FIL exhibited some selling strength within the past couple of days.
That saw the price forming multiple lower highs and some higher lows. That indicated somewhat compressive price actions. If the alternative token topples the resistance zone at $19.6, enthusiasts can expect the compression and an upward move to continue. Meanwhile, dropping under $18 – $18.3 may ruin bullish hopes and trigger downward movements.
However, alternative tokens would reflect BTC’s reaction. Buyers’ resurgence in Bitcoin would improve sentiment within the altcoin space. That can see alts recovering and target upward price movements.