Top cryptos, Bitcoin and Ethereum, failed to regain vital levels following colossal liquidations. While writing this content, BTC changed hands beyond $31K, while Ethereum trades near the $2.4K level. For now, the crypto market attempts recoveries from the latest bloodbath.
The ongoing bearishness had alts such as DOGE, LINK, and FTT gravitating toward yearly/monthly lows on May 10. Meanwhile, the market structure will continue to display bearishness unless buyers cancel the downside with massive buying volumes.
Broad market liquidations saw DOGE sellers inciting a massive pull. That was after breaking the rectangle bottom. Meanwhile, the past three days saw DOGE losing approximately 25%, falling to the 6-month trend-line support. The latest bearish rally dragged Dogecoin beneath its Exponential Moving Average ribbons.
The latest rebound from the 13-month lows on May 10 opened the gated for a near-term recovery. The resistance at $0.11 remains crucial for Dogecoin bulls to overcome and explore the EMA ribbons’ bonds. While writing this article, the meme token traded near $0.1128.
The previous few hours saw DOGE’s Relative Strength Index springing from the oversold lows. A decisive closing beyond 42 resistance remains essential to hit the equilibrium. Moreover, the Moving Average Convergence Divergence line reiterated a massive selling strength.
FTX Token (FTT)
The unrestricted month-long bearish move following the upward channel breakdown saw FTT resting on the 9-month baseline near $30. This region triggered reversals that stopped around the 7-week trend-line resistance (past support).
The 20 Exponential Moving Average finally swayed from its colossal southward bias. Nevertheless, the SuperTrend remained within the red territory while showing sellers’ preference over the previous day.
While writing this content, FTX Token traded near $33.927, gaining 2.9% within the previous 24 hours. Though the RSI recently resurged from record lows, the Chaikin Money Flow formed lower highs within the past day. Thus, a correlation from – 0.13 might confirms a bearish divergence with the FTT price.
Trading inside the downward channel (for nearly a month) saw LINK invalidating all upside tendencies following a break under $10. Sellers kept looking for new resting points, welcoming declines that poked the 16-month lows on May 10.
With bears dominating the prevailing bias, Chainlink witnessed a more than 35% retracement over the past five days. That saw bears flipping Pitchfork’s lower boundary from support to the nearest resistance.
While writing this content, LINK traded near $8.81. Bulls would hardly withstand a rally unless the Aroon up notes massive upside to trigger upside moves.