Bitcoin dominance rose marginally to 64%, meaning that the altcoin market was dropping in value slightly faster than Bitcoin over the past few hours. Polkadot and Steem showed strong bearish momentum as they lost important levels of support to the bears in the last few hours. Ethereum Classic reflected market sentiment and posted losses as well.
Polkadot [DOT]
Source: DOT/USDT on TradingView
Fixed Range Volume Profile highlighted areas where DOT was traded more intensely. These areas can be expected to act as regions of major resistance or support for the coin.
DOT was priced at $4.7 at the time of writing and faced the threat of falling beneath the $4.7-$4.8 range that has offered stout support to DOT in the past.
MACD showed a strong sell signal as it formed a bearish crossover and moved beneath the zero line. The next region of support for DOT lies at $4.5, with a horizontal level of support at $4.42.
Steem [STEEM]
Source: STEEM/USDT on TradingView
STEEM posted losses of nearly 11% in the past few hours as it opened the most recent trading session just beneath support at $0.168. Even after an 11% loss in a matter of hours, bears were relentless and drove the price lower.
EMA Ribbon twisted to signify short-term bearishness as the price dived beneath the ribbon. Parabolic SAR also generated a sell signal. A session close beneath $0.168 will see the price descend to the $0.152 level of support in the near-term.
Ethereum Classic [ETC]
Source: ETC/USDT on TradingView
Ethereum Classic saw a marginal increase in trading volume. It mirrored Bitcoin’s losses and was headed to $5.6.
RSI was on the verge of dropping into oversold territory. If the rest of the market continues to shed value, ETC can be expected to follow alongside and lose the $5.6 level.
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