The cryptocurrency market was trading in the green on August 1, with market capitalization increasing 3%. Altcoins also showed positive developments. Polkadot was up 13.2% and appeared ready to test its immediate resistance. Tezos and Ethereum Classic presented a bullish outlook on their technical charts despite lower gains.
DOT saw a staggering 13.2% surge overnight as prices rose on broader market stability. At press time, the DOT was $ 18.43. A slight push from the bulls would cause the token to test its resistance level of $ 18.74. If prices go down, the region of support for DOT can be marked at $ 16.77 and then at $ 15.76.
Market volatility remained high since Bollinger bands open, which indicates price fluctuations. Other technical indicators also showed positive signs.
That Relative Strength Index was seen above the 70s mark. At the time of going to press it was on a tiny downward trend as buying pressure eased slightly. Green signal bars grew in size and strength on top of that Great oscillator Review of the bullish force in the market.
XTZ has shown steady growth since July 21st as it sequentially tested its resistance levels for the past two weeks. In one week, XTZ was up 13.4%, but the coin saw a slight increase of 1.8% overnight. At the time of going to press, the asset was valued at $ 3.13.
The immediate resistance that XTZ had to test was $ 3.31. If the upward momentum continues, the asset could trade above it. However, if this level is not tested, it could fall and rest at $ 2.95 and then at $ 2.70.
On the 4 hour charts Great oscillator showed the strength of the green signal bars and an increase in buying pressure. That Relative Strength Index underpinned the same with an increase. MACD Indicator noted a bullish crossover and the presence of green histograms at the time of going to press.
Ethereum Classic (ETC)
ETC made a significant rebound from its USD 48.16 support area despite moving sideways. At press time, it was available for $ 52.75. Additionally, it could test the immediate resistance of $ 55.20 with wider market support. In the past 24 hours, ETC was up 3.5%.
In the event ETC fails to test its $ 55.20, there is a chance the token could fall back into the support area of $ 48.16, but as the technical charts showed, prices could continue to rise. That Great oscillator showed a growing bullish signal.
MACD flashing green bars signal the development of bullish momentum. Relative Strength Index also remained bullish, above 60, supplemented by a slight increase at the time of going to press.