DOT drops below $8.45 resistance level, as CRO rises to multi-week high – Market Updates Bitcoin News

DOT drops below .45 resistance level, as CRO rises to multi-week high – Market Updates Bitcoin News
DOT drops below .45 resistance level, as CRO rises to multi-week high – Market Updates Bitcoin News

Polkadot fell for a second session in a row on Tuesday, as the token failed to break out of a key resistance level. This move caused the cryptocurrency to fall by almost 10% as the global market cap was mainly in the red. However, Cronos managed to rally despite this, hitting a nearly seven-week high in the process.

Polka dot (DOTS)

Polkadot (DOT) was one of today’s notable tokens to fall, as global crypto markets were predominantly in the red.

DOT/USD fell for the second day in a row, leading to a floor of $7.70 earlier in Tuesday’s session.

The move comes less than two days after the token traded at a high around $9.23, which was the highest level for DOT since June 10.

Biggest moves: DOT drops below $8.45 resistance level as CRO rises to multi-week high
DOT/USD – Daily chart

After this peak, however, bearish sentiment rose as traders moved to liquidate previous positions, securing gains in the process.

This coincided with the 14-day relative strength index (RSI) at the 65.33 point, which was not only a ceiling, but the highest point since April 4.

As a result of prices being overbought, bears likely saw this as an opportunity to re-enter the market.

DOT/USD is trading at $8.04 at the time of writing.

Cronos (CRO)

While DOT fell on Tuesday, Cronos (CRO) was in the green during today’s session, with prices hovering near seven-week highs.

After a low of $0.136 to start the week, CRO/USD rallied to an intraday high of $0.1521 earlier today.

The rally came as CRO prices broke away from a recent resistance point at $0.1415, following a string of recent gains.

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Biggest moves: DOT drops below $8.45 resistance level as CRO rises to multi-week high
CRO/USD – Daily chart

Overall, the token rose nearly 30% in the past week, following a series of gains that started at a support point of $0.1150 on July 26.

As a result of this latest uptrend, price strength has now peaked, with the RSI tracking at 67.94, which is in overbought territory.

This is also the highest point the index has reached in the last four months, and could potentially lead to a price reversal, corresponding to DOT.

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Do you expect cronos to extend these recent gains this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having worked as a Broker Director, Retail Educator and Market Commentator in Crypto, Stocks and FX.




Image credit: Shutterstock, Pixabay, Wiki Commons

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