For much of April, the main narrative was dominated by the market’s altcoins, with some of the industry’s cryptos making the charts despite Bitcoin trading in a narrow range. However, in the hours leading up to the release, the balance seemed to have fallen back to first place and BTC’s corrections resulted in some kind of bloodbath in the crypto market. As the world’s leading cryptocurrency sank below $ 56,000, Polkadot, Synthetix and DigiByte soon followed suit.
Polkadot, the cryptocurrency, was ranked 7th on the charts at the time of going to press, as has the rest of the altcoin market, which has seen a significant increase in value since its March 24-25 retreat. In fact, DOT has only recently risen high enough to add a new ATH to the charts. However, the bullish momentum did not last. In the past 36 hours, the Alt has dropped almost 15% thanks to Bitcoin corrections.
At the time of writing, it was too early to determine how far DOT would fall, especially since it had already passed its immediate support level.
Polkadot’s technical indicators weren’t too optimistic either Parabolic SARs dotted markings were well above the price candles Awesome oscillator The histogram flashed bearish signals.
It should be noted here that DOT Futures Open Interest recently hit $ 1 billion, a development that coincided with the ATH mentioned above.
Like Polkadot before it, SNX has also declined significantly in recent trading sessions, arguing that the devaluation was far sharper. In the process, Synthetix has been observed to lose half the value it accumulated in the month, with the altcoin apparently heading for its next level of support on the charts.
That being said, at the time of going to press, there were some signs of bullish life, which is reflected in the results of the technical indicators. While the mouth of the Bollinger Bands pointed north, although the same was fairly open that Relative Strength Index rose sharply as some recovery was underway.
Synthetix hit the headlines a week ago after announcing the start of its commitment to Optimistic Ethereum.
In contrast to other alts like Polkadot and Synthetix, DigiByte’s devaluation in the charts has been spread over a few days, with the DGB stalling as soon as Bitcoin did not exceed the much-vaunted $ 60,000 level. With the altcoin falling over 18% in just a few days, it seemed unlikely that a trend reversal would occur anytime soon, especially given BTC’s recent ambivalence.
The extent of the bear market in the DigiByte market was underlined by the indicators of the Alt, during the Chaikin cash flow held above zero to indicate that capital inflows were still a small margin MACD line fell sharply below the signal line and the histogram.
Sign up for our Newsletter