Bitcoin briefly spiked to $10,450 before dropping to $10,350, at the time of writing. However, short-term fluctuations might not faze investors one bit as BTC remains one of the market’s best-performing assets by a distance.
Further down the cryptocurrency ladder, Tezos exhibited a falling degree of market volatility as traders and investors watched the crypto-asset closely to catch the direction of its next big move. Dogecoin, however, continued to succumb under bearish pressure.
Tezos was in a consolidation phase after it registered significant drops on the charts. In fact, the cryptocurrency registered a high of $4.49, before plummeting to a low of $2.4. Such consolidation on the charts could mark the end of the downtrend.
Further, the Bollinger Bands were observed to be converging around XTZ’s price over the last few days. Along with the squeeze, a trend of decreasing trading volume was also witnessed.
XTZ was valued at $2.57, with a level of support imminent at $2.56. XTZ’s consolidation above its support line might continue for a few days as XTZ picks up the strength to move upwards on the chart.
It is also possible that XTZ might meet a wave of selling pressure, one that would see the price visit the support level around $2.24 or lower to $1.81.
Basic Attention Token [BAT]
BAT faced resistance at the 78.6% retracement level of its surge in August, with the same highlighted by the Fibonacci Retracement tool.
The Awesome Oscillator registered very weak bearish momentum. However, it should be noted that over the past few days, the indicator was highlighting weak bullish momentum.
Ergo, it can be argued that a reversal in momemtum may be due, something supported by the fact that the CMF underlined growing capital inflows into the market. Buyers’ interest could propel BAT up the charts. Over the past few weeks, after BAT hit local highs, the CMF had largely stayed in the neutral region marked in yellow.
Dogecoin was ranked 49th on CoinMarketCap’s charts with a market capitalization of $347 million. In fact, the cryptocurrency has been on a downtrend ever since its epic pump in July. Even on a shorter time-frame, DOGE struggled to set any higher lows.
At the time of writing, the RSI stood at 43, having not broken past the neutral value of 50 convincingly for a month. This was further evidence of the persistent downtrend in the Dogecoin market.
The next level of support for DOGE lay at $0.0026.