Bitcoin dropped from $42.8k to $39.7k within the hours previous press time. This noticed altcoins pullback as effectively. Nevertheless, cash like THETA nonetheless had a bullish case to be made based mostly on value 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 degree. The $3 degree has been flipped to assist over the previous week, and on the time of writing, THETA bulls have been combating to drive costs previous the $3.35 resistance degree as soon as once more.
The Superior Oscillator dipped beneath the zero line, and over the subsequent day, additional draw back may very well be seen. The Aroon Indicator confirmed a downtrend in progress however the Aroon Down (blue) was dipping, to indicate 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 affirm it has been flipped to a provide zone. The MACD fell beneath the zero line and confirmed a promote sign.
The CVD did put up weak inexperienced bars to trace that possibly bulls had some energy. Nevertheless, it appeared seemingly that LUNA would face rejection at $95 and an additional drop, because the CMF confirmed sturdy promoting strain. It moved beneath -0.05 to recommend heavy capital movement out of the market.
However, if LUNA can shut a session above $96, the short-term bias would possibly start to shift within the favor of the bulls.
FTX Token (FTT)
FTX Token has seen sturdy volatility prior to now few days. Primarily based 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% degree has been defended.
Nevertheless, the OBV was in a downtrend to indicate promoting quantity outweighed shopping for quantity. The RSI was additionally beneath the zero line, to indicate bearish momentum. The $43-$43.5 may pose stiff resistance to FTT.