The cryptocurrency market continues with its bearish trend for the second day in a row this week. The trend is a typical consolidation phase that is a welcome bet following the saga surrounding Tether (USDT). Majority of the assets, especially the top 20 cryptocurrencies by market capitalization are battling to keep trading above the current support areas.
Bitcoin (BTC), for instance, is down 0.38% on the day after breaking below the short-term support at $6,400. The investors are keeping an eye on Bitcoin to see whether the crypto can reach $6,700 in the medium-term. This move would be a bullish indication that the bulls back. However, the BTC/USD if BTC/USD breaks $6,300 support it could breakdown further towards $6,000 triggering widespread declines across the board.
Dogecoin bulls have lost their mojo. This crypto was one of the best performers in September 2018. In Bitcoin bear market, Dogecoin corrected higher testing the critical resistance at $0.0070. Moreover, Dogecoin was unbothered by the dropping price in the market maintaining the levels above $0.0060. However, October has been a different scenario for Dogecoin buyers. The sellers have taken up the mantle and are pushing for revenge.
There was a slight recovery that started from the support at $0.0052. The price corrected higher above $0.0056 and brushed shoulders with $0.0058 before the bears entered. DOG/USD embarked on a gain trimming activity that has seen it cancel the gains accrued in the past two months. Breaking the support at $0.0052 ignited more breakdown below $0.0050. Dogecoin found bearing in a range between the upper limit at $0.0047 and the lower limit at $0.004. Attempts to pull back have been limited by the trendline resistance.
The price even broke below the range support in Tuesday trading lows of $0.00418. The buyers are currently battling to re-enter the range support. The trend has turned slightly bullish as the stochastic retreats to the upside. Bulls will face resistance at $0.0044, the trendline hurdle and the upper range limit resistance at $0.0047.
Golem is slightly bullish on the day defying the slow sideways movement widespread across the market. The token is up 3.25% in the last 24 hours according to the livestream data on Blockmodo. Since the second week of September Golem has been trading lock-step within a rising channel as observed on the chart. The asset has been recording higher highs and higher lows in comparison to the lows on September 12 around $0.1146. The bulls have retained the control despite the bear trend in the market.
Golem tested the resistance at $0.18 during the trading yesterday. However, GNT/USD began correcting lower as sellers increased their positions. The 61.8% Fib retracement level with the last high at $0.17 and a low at $0.14 stood its ground preventing dips below $0.16. At the time of writing. Golem is trading at $0.17 amid a bullish trend on the 2-hour chart.
The prevailing trend is strongly bullish with technical indicators like the stochastic MACD sending positive signals. GNT/USD will test the resistance at $0.18, besides a break above this level is going to allow retracement past $0.20. On the downside, the bullish channel support is strong enough to hold in case a reversal occurs. A couple of more support areas include $0.14 (swing low) and the September lows at $0.1146.
Dent (DENT): DENT/ETH
Dent is among the biggest winners in the crypto space following the surge that kicked on Monday. DENT/ETH is up 14.38% in the last 24 hours, similarly it has corrected 13.78% higher against BTC. The asset is ranked 123rd in the market with a cap of $44 million. It has a 24-hour exchange volume of $8 million.
The surge commenced around 0.00001062 ETH. A bullish break above the 100SMA ignited additional gains, although it lost momentum at 0.00001150 ETH. A short-term ascending trendline supported the token avoiding dips below the swing low at 0.000011 ETH. The buyers increased their hold on the price resulting a spike as the price skyrocketed above the 61.8% Fib level with the last swing high of 0.00001363 ETH. DENT/ETH corrected higher zooming above at 0.00001360 but lost steam short of 0.000014 ETH.
The lower corrections that followed in the wake of the rejection at 0.000014 ETH have been supported at the 38.2% Fib level. DENT/ETH has found balance and is currently testing the key resistance at the 61.8% Fib level. The bulls have the say and trading above this resistance level will place Dent on a recovery path that will break the critical resistance at 0.000014 ETH.