Corrections in market leaders Bitcoin and Ethereum turned the broader market into a sea of red as altcoins struggled to post healthy numbers on their respective charts. Such was the case with CRO, DCR, and FTT, all of which flashed bearish signals and scrambled towards their immediate support marks at the time of writing.
Crypto.com Coin [CRO]
Source: CRO/USD, TradingView
Crypto.com Coin lost out to the 38.2% Fibonacci retracement level after it dropped by nearly 8% in the last 24 hours. The RSI showed bullish weakness in the market after it moved south and settled around the 40-mark. Interestingly, the Awesome Oscillator projected the most recent losses after it formed a bearish twin peak setup and fell below the half-mark. The same would need to reverse direction if CRO was to attempt a bullish comeback.
For the short-term, it was a matter of containing losses and the bulls could step in at the 23.6% Fibonacci level, which resided at the $0.16-mark.
Decred [DCR]
Source: DCR/USD, TradingView
While Decred also traded in the red territory at press time, the price was still within the confines of its ascending channel. Due to this, the overall position of its market was still bullish, considering its uptrend and weekly gains of nearly 13%. On the downside, a move below the bottom trendline could spell trouble for the bulls in the short-term and could likely see DCR trade towards the next line of defense at $155.83.
Low trading volumes worked against a breakout prediction, but the MACD did heavily favor the selling side at the time of writing. While the Stochastic RSI touched towards the oversold region, a price reversal was not expected till a bullish crossover took place.
FTX Token [FTT]
Source: FTT/USD, TradingView
Losses of 4% in the last 24 hours saw FTX Token drop towards the first support line at $39.5 after trading at record levels. While corrections are generally healthy in the long-run, FTT’s current losses might be accentuated taking into account a bearish broader market, and support levels at $35.08 and $32.1 could be in focus over the coming sessions. On the plus side, a bullish comeback was possible if the bulls maintained the price at the current level.
The ADX Indicator clocked in at 33 but pointed lower as bulls were losing strength in the market. Conversely, the Chaikin Money Flow suggested that capital inflows were strong for FTT and the same could prevent a southbound move on the charts.
