With the entire cryptocurrency market seeing a slight decline in its market cap on the last day, altcoins like Dogecoin, Binance Coin, and Tezos favored sellers for the short term.
Dogecoin began to show signs of correction after moving higher, while Binance Coin and Tezos indicated declining upside strength.
DOGE
TradingView, DOGE / USD
DOGE has been trading within a rising wedge for the past two months, until it hit its seven-week high on October 25, hours after Elon tweeted in favor of the altcoin by calling it the “People’s Crypto.” Over the past day, DOGE saw a minor correction and consolidated, capping resistance at $ 0.2719 and finding strong support at $ 0.2320.
At press time, DOGE was trading at $ 0.2577 and is down nearly 1% on its charts. However, the coin took an uptrend, making higher highs on its bullish trendline over the past week.
the Relative Strength Index overturned and was at the 48 mark, which indicates a slight preference for the sellers. Likewise, MACD confirmed a retrograde force by going down. Still it is + DI line was bullish as the DOGE cops showed their pressure.
Binance Coin (BNB)
TradingView, BNB / USDT
The NBB has fluctuated within a tight range since last week after breaking its immediate support at the $ 481 mark. BNB bulls pushed the resistance point around the $ 505 level and showed constant pressure.
However, key technical indicators slightly favored the bears as they aimed to find new support at the $ 466 mark. At press time, BNB was trading at $ 480.8, down 0.30% over the past 24 hours.
the RSI was below half the line while MACD and Great oscillator flashed red signals. Besides, the + DI line was under the -DI line, Confirmation of preference for the seller. However, the ADX value of 11.3 highlighted the lack of directional strength in the market.
Tezos (XTZ)
TradingView, XTZ / USDT
The altcoin was trading at $ 6.536, down nearly 3.2% on the previous day. Since October 4th, XTZ has been hovering in a downtrend, as indicated by the lower lows on its trendline. XTZ bears kept constant pressure pulling support to $ 6.33.
If the bulls don’t counter the pressure, the bears will aim to lower support to the $ 5.9 level.
the RSI recorded a drop of over 20 points on the last day, which represents a rapid decline in purchasing power. Next to the Great oscillator also flashed red signals. Besides, the DMI Lines showed a bearish crossover and confirmed the previous readings.
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