Dogecoin, FTX Token, Chainlink Price Analysis: 10 May


Market leaders Bitcoin and Ethereum have been but to reclaim key ranges put up the large liquidations, with BTC buying and selling at round $31k and ETH on the $2,300-mark on the time of writing. 

As a outcome, altcoins like Dogecoin, FTX token, and Chainlink gravitated towards their multi-monthly/yearly lows on 10 May. Unless the patrons negate the sell-offs by propelling excessive shopping for volumes, the market construction would proceed to exhibit a bearish edge within the coming instances.

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

In the wake of market-wide liquidations, the sellers incited a robust pull on the chart after a rectangle backside break. DOGE noticed a virtually 25% drop within the final three days because it fell towards its six-month trendline assist (white).

Without a shock, the latest bearish rally pulled the alt beneath its EMA ribbons. The latest bounce again from its 13-month low on 10 May has opened doorways to short-term restoration. The $0.11-resistance is significant for the bulls to beat and problem the bonds of its EMA ribbons.

At press time, DOGE traded at $0.1128. The RSI sprung from the ashes of its oversold lows in the previous few hours. A convincing shut above the 42-mark resistance continues to be wanted to check the equilibrium. To prime it up, the MACD strains reiterated a robust promoting momentum. 

FTX Token (FTT)

Source: TradingView, FTT/USD

After an unrestrained month-long bearish run after the up-channel (yellow) breakdown, FTT rested on its nine-month baseline on the $30-level. This stage propelled a reversal that halted on the seven-week trendline resistance (earlier assist).

The 20 EMA (purple) lastly tilted from its steep southbound path. But the Supertrend frequently stayed within the purple zone whereas favoring the sellers for the final 40 days.

At press time, FTT traded at $33.927, up by 2.9% within the final 24 hours. Despite the RSI’s latest revival from its document lows, the CMF marked decrease peaks over the previous day. So, a pullback from the -0.13-mark might affirm a bearish divergence with the value motion.

Chainlink (LINK)

Source: TradingView, LINK/USDT

After driving inside a down-channel for almost a month, LINK invalidated all bullish tendencies after breaking down from the $10-mark. The sellers stored discovering more energizing resting grounds solely to poke its 16-month low on 10 May.

With the bears taking virtually full management of the present pattern, LINK noticed an over 35% correction within the final 5 days. As a consequence, they now flipped the decrease fence of the Pitchfork from assist to fast resistance.

At press time, LINK traded at $8.81. Unless the Aroon up (yellow) notices a robust uptick and begins its northbound journey, the bulls might discover it tough to maintain a rally.

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About the Author: Daniel