Polkadot, BAT, Synthetix Price Analysis: 17 July
As the broader crypto-market lacked bullish sentiments, the altcoins mostly followed the same path into price reductions and strong sell signals. DOT recovered slightly from being undervalued and was oversold, at press time. Synthetix’s market also corresponded to the broader crypto-market’s weakness as the alt lost 20.9% of its valuation over the last week.
However, BAT walked a different path as its price increased by 13.8% over the last 24 hours.
DOT has registered a continuous downtrend since 8 July. Needless to mention that the coin did not recover well enough post the June slump. At press time, it was priced at $12.04 on the back of a 21.9% weekly decline in price. The trading volume of the asset increased by 12.46% too.
The Bollinger Bands remained parallel without signs of contracting or expanding, which suggested that the price would move around the current level at least on an immediate basis.
If the price doesn’t see an ascent and break above the $13.30 resistance level, it may fall lower than the press time support level of $12.04. The MACD noted red histograms which were a sign of a prolonged bearish trend after the bearish crossover on 12 July.
DOT visited the oversold zone a number of times over the last week. At press time, it was seen just above the 30-mark with a small downtick on the Relative Strength Index indicator implying that buyers exited the market again while sellers were in dominant numbers.
Basic Attention Token [BAT]
Basic Attention Token, unlike other altcoins, has been gaining today, and at press time, was trading at $0.568 with a hike of 13.8% in the last 24 hours. The trading volume for BAT increased by 119.39% while the market capitalization also saw a hike of 12.29%.
The volatility of BAT has been choppy lately and at the time of writing, the Bollinger Bands were expanding – A sign of greater market volatility.
As the price rose over the last 24 hours, the Parabolic SAR found its dotted lines below the candlesticks. This signified and affirmed that the price was on the rise.
At press time, the altcoin pictured an increase in the size of the green signal bars on the Awesome Oscillator which implied bullish momentum. If the bulls strengthen even further, then the token may try to touch the $0.600 resistance level and subsequently, move to test the $0.640 level.
Synthetix has pictured southbound price action since 12 July. The token lost 20.9% of its value in just over one week. At press time, the token was priced at $8.89 and a slight push from the bears would make the price tumble towards the $7.82 support level. SNX’s all-time high was at $28.53 in February 2021.
The Chaikin Money Flow registered lower capital inflows over outflows over the last few days. However, an uptick at press time underlined that capital inflows had increased slightly.
The Average Directional Index also corresponded with the aforementioned statement about market weakness as it was slightly over the 25-mark.
Finally, the Relative Strength Index ran very close along the oversold zone, but did not move into that zone yet. This reading implied that buyers were absent in the market and that the sellers had precedence over buyers.