Biggest Movers: DOT Drops Below $8.45 Resistance Level, as CRO Rises to Multi-Week High
Polkadot dropped for a second straight session on Tuesday, as the token failed to break out of a key resistance level. This move saw the cryptocurrency fall by nearly 10%, as the global market cap was mainly in the red....
Polkadot dropped for a second straight session on Tuesday, as the token failed to break out of a key resistance level. This move saw the cryptocurrency fall by nearly 10%, as the global market cap was mainly in the red. Cronos, however, managed to rally despite this, hitting an almost seven-week high in the process.
Polkadot (DOT)
Polkadot (DOT) was one of today’s notable tokens to fall, as global crypto markets were predominantly in the red.
DOT/USD dropped for a second consecutive day, leading prices to a floor of $7.70 earlier in Tuesday’s session.
The move comes less than two days after the token was trading at a high around $9.23, which was the highest level for DOT since June 10.
However, following this peak bearish sentiment rose, as traders moved to liquidate earlier positions, securing gains in the process.
This coincided with the 14-day relative strength index (RSI) tracking at the 65.33 point, which was not only a ceiling, but its highest point since April 4.
As a result of prices being overbought, bears likely saw this as an opportunity to reenter the market.
DOT/USD is trading at $8.04 as of writing.
While DOT declined on Tuesday, cronos (CRO) was in the green during today’s session, with prices hovering near a seven-week high.
Following a low of $0.136 to start the week, CRO/USD surged to an intraday peak of $0.1521 earlier today.
The rally came as prices of CRO broke free of a recent resistance point at $0.1415, following a run of recent gains.
Overall, the token is up nearly 30% in the last week, following a streak of gains which commenced at a support point of $0.1150 on July 26.
As a result of this recent uptrend, price strength has now peaked, with the RSI tracking at 67.94, which is in overbought territory.
This is also the highest point the index has hit in the last four months, and could potentially lead to a price reversal, similar to DOT.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect cronos to extend these recent gains this week? Let us know your thoughts in the comments.
Original source
Read on Bitcoin NewsRelated market context
Qatar secures first World Cup point with draw against Switzerland as crypto sponsors circle the tournament
Qatar's World Cup draw marks a turning point, while crypto's involvement highlights its growing influence and potential in global...
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...
Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
TL;DR Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 area marked the cycle bottom. The note cites SpaceX...
SEC Plan to Scrap Rule 611 Could Be the Biggest Regulatory Unlock Yet for Crypto Tokenized US Stocks
The SEC just removed the single biggest legal obstacle standing between Crypto DeFi and US equity markets. On June 11, the agency...