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)
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.
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)
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.