Bitcoin dropped from $42.8k to $39.7k within the hours previous press time. This noticed altcoins pullback as effectively. Nonetheless, cash like THETA nonetheless had a bullish case to be made based mostly on worth motion. LUNA and FTT had a bearish outlook, though LUNA is extra more likely to see some demand arrive within the subsequent few hours.
Theta Community (THETA)
Supply: THETA/USDT on TradingView
Theta had a short-term bullish market construction however this modified when it fell beneath the $3.25 stage. The $3 stage has been flipped to help over the previous week, and on the time of writing, THETA bulls have been preventing to drive costs previous the $3.35 resistance stage as soon as once more.
The Superior Oscillator dipped under the zero line, and over the following day, additional draw back might be seen. The Aroon Indicator confirmed a downtrend in progress however the Aroon Down (blue) was dipping, to point out waning bearishness. Therefore, a dip to $3 may happen as soon as extra.
Terra (LUNA)
Supply: LUNA/USDT on TradingView
LUNA fell beneath the $95 zone of demand (cyan field) and will retest it within the subsequent few hours. A rejection would verify it has been flipped to a provide zone. The MACD fell beneath the zero line and confirmed a promote sign.
The CVD did submit weak inexperienced bars to trace that perhaps bulls had some power. Nonetheless, it appeared seemingly that LUNA would face rejection at $95 and an extra drop, because the CMF confirmed robust promoting stress. It moved under -0.05 to recommend heavy capital movement out of the market.
However, if LUNA can shut a session above $96, the short-term bias may start to shift within the favor of the bulls.
FTX Token (FTT)
Supply: FTT/USDT on TradingView
FTX Token has seen robust volatility prior to now few days. Based mostly on its transfer from $38.52 to $53.28, a set of Fibonacci retracement ranges (yellow) was plotted. On the time of writing, the 78.6% stage has been defended.
Nonetheless, the OBV was in a downtrend to point out promoting quantity outweighed shopping for quantity. The RSI was additionally beneath the zero line, to point out bearish momentum. The $43-$43.5 may pose stiff resistance to FTT.
