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FTX Token, Polkadot, Stellar Lumens Price Analysis: 12 May

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FTX Token, Polkadot, Stellar Lumens Price Analysis: 12 May

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The bloodbath continued on the charts as the altcoin market continued to plunge further south. FTX Token attempted to climb past the $30 mark but was unable to stay above this level. Polkadot simply slid beneath a high timeframe demand zone as sellers exerted more pressure. Stellar Lumens found some respite at the $0.1 level.

FTX Token (FTT)

FTX Token, Polkadot, Stellar Lumens Price Analysis: 12 May

Source: FTT/USDT on TradingView

The exchange token FTT continued on its bearish trend, which was unsurprising given the fear in the market at press time. The RSI has been below the neutral 50 line for the most part of the past week, which meant that momentum has mostly been in favor of the bears.

The MACD also showed strengthening downward momentum, and it looked like FTT could be pushed toward $25. There could some light at the end of the tunnel if FTT can push back above $30, but even this would not necessarily mean the end of the downtrend.

Polkadot (DOT)

FTX Token, Polkadot, Stellar Lumens Price Analysis: 12 May

Source: DOT/USDT on TradingView

The $10.5-$11.5 area had been an area of demand from which DOT rallied previously in July 2021. In the past few days, the strong selling pressure pushed DOT beneath this area, and it has also been retested as a zone of supply.

The RSI did appear to form a bullish divergence, but this would likely not be the end of the downtrend. A bounce toward the $8.5 zone can be expected. However, the OBV is on a strong downtrend and showed that buyers are not in a position of strength yet.

Stellar Lumens (XLM)

FTX Token, Polkadot, Stellar Lumens Price Analysis: 12 May

Source: XLM/USDT on TradingView

XLM, like many other altcoins, has been moving swiftly lower on the charts in the past few days. It dropped to the $0.1 psychological and higher timeframe support level and saw a bounce to the $0.11 area.

Both the Awesome Oscillator and the MACD showed strong bearish momentum, while the CMD was well below the -0.05 mark. Hence, there was a huge capital flow out of the market in the past few days, and buying the dip might not be a good idea yet.

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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