Polkadot, Bitcoin SV, FTX Token Price Analysis: 07 MarchMarch 8, 2021
Polkadot showed mixed signals at the time of writing and a rise above $37.87 resistance looked uncertain as volumes were muted. BSV maintained its rangebound trajectory despite bullish cues from the broader market. Lastly, FTT might need to shake off some selling pressure before rising towards record levels.
Source: DOT/USD, TradingView
The 4-hour time frame on Polkadot showed two key support levels – one at the $29.8 level and the other at $32. A bullish bounce back was fueled at the aforementioned support levels but gains have also been restricted at the upper ceiling of $37.87. While some bullishness was observed in the market at the time of writing, a drop in the 24-hour trading volumes lowered the chances of an upwards breakout.
The MACD line crossed above the signal line as momentum shifted towards the buying side. However, the ADX Indicator pointed south from the 18-mark and suggested that the uptrend lacked the strength to sustain itself moving forward.
Bitcoin SV [BSV]
Source: BSV/USD, TradingView
Even after Bitcoin regained the $50,000 mark at press time, Bitcoin SV, resisted to cash in on the bullish sentiment and continued to trade within a tight channel at press time. The state of equilibrium was evident on the Awesome Oscillator even though momentum slightly tilted in favor of the buying side. The Bollinger Bands remained constricted and showed a lack of volatility in the market.
Perhaps stronger signals were needed for renewed buying interest in the Bitcoin SV market. A sharp move in either direction could see the market shift in favor of the side that enforces a breakout.
FTX Token [FTT]
Source: FTT/USD, TradingView
Lower highs on FTX Token’s 4-hour chart showed selling at various price points after the cryptocurrency retraced from record levels. The On Balance Volume moved in tandem with the price as the buying pressure was sparse. A bearish crossover in the Stochastic RSI also hinted at a pullback moving forward.
In the short-medium term, it was crucial for the bulls to hold on to $28.6 support in order to bolster a bullish comeback towards FTT’s ATH. In fact, the aforementioned support mark could be in focus over the coming sessions and the bulls might need to negotiate a period of selling pressure before continuing its upswing on the charts.
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