The Crypto Fear and Greed Index rose to 94 as Bitcoin and altcoins posted further gains over the past eight hours. At press time Bitcoin was being traded at 19,237 with a trading volume of $28.1 billion.
Polkadot could be headed for a move down after a breakout past $5 recently. EOS and Dogecoin appeared to possess enough steam for further gains, but Bitcoin’s movement could dictate how the alts behave in the coming hours.
DOT left its 20-period moving average (white) trailing far behind in the past few days, but its most recent pullback from $6.07 to $5.45 saw the price drop beneath its short-term moving average.
The 50 SMA (yellow) can also serve as support, alongside the horizontal levels of support at $4.8 and $5. It can be seen that the 62% extension for DOT’s rise to $4.95 has served as a target for DOT’s ascent.
This meant that DOT could be set to drop lower in the wake of traders executing take-profit orders. The RSI was near 50, which indicated neutral momentum at the time of writing, but could drop below 50 and retest the neutral line as resistance to indicate that a downtrend was initiated.
The move from $2.44 to $3.76 occurred within the span of six days, a 53% increase in price. Capital flow into the altcoin market had been strong and EOS had certainly benefitted, but it remains to be seen whether EOS and the market have further to go.
The price did not drop below the support at $3.35 which would encourage bulls over the next few hours. Over the coming days, a close above $3.75 would see EOS rise to $4.11, the 27% Fibonacci Extension level.
A close below support at $3.35 could see EOS revisit the $3.11 level. Trading volume can be a gauge for a major move to either direction, and would give an idea of the imminent direction for EOS.
DOGE’s 4-hour chart resembled that of many other crypto assets, with a surge in price over recent days and an apparent pullback in the last 24 hours.
DOGE still has potential for another leg upward. The Awesome Oscillator showed strong bullish momentum. The price could see a drop as low as $0.0035 but at the time of writing it was more likely that DOGE would not close a trading session beneath the $0.0037 level.
Falling trading volume is something to note. A rise in price from here on should be accompanied by a volume increase as well, else it would threaten to be a fakeout.
Subscribe to our Newsletter