DOT Drops Below $8.45 Resistance Level, as CRO Rises to Multi-Week High  – Market Updates Bitcoin News

On Tuesday, Polkadot lost for the second consecutive session. The token was unable to overcome a critical resistance level. As the market cap for the entire world was mostly in the red, this caused the cryptocurrency to fall nearly 10%. Cronos managed to rebound despite all this and reached a seven-week peak.

Polkadot (DOT)

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

DOT/USD dropped for a second consecutive day, leading prices to a floor of $7.70 earlier in Tuesday’s session.

It comes just two days after the token reached a peak of $9.23. This was the highest level at which DOT has traded since June 10.

Biggest Movers: DOT Drops Below $8.45 Resistance Level, as CRO Rises to Multi-Week High
DOT/USD – Daily Chart

However, traders began to sell their earlier positions in order to gain profits after the peak of bearish sentiment.

It coincided with the 14 day relative strength index (RSI), tracking at the 65.33 level, which was not just a ceiling but the highest point since March 4.

The overbought market caused bears to see this as an opportunity.

As of the writing, USD/DOT is currently trading at $8.04.

Cronos (CRO)

While DOT declined on Tuesday, cronos (CRO) was in the green during today’s session, with prices hovering near a seven-week high.

The CRO/USD spiked earlier today to $0.1521 after a weekly low of $0.136.

After a string of gains, prices for CRO rose to $0.1415 as resistance.

Biggest Movers: DOT Drops Below $8.45 Resistance Level, as CRO Rises to Multi-Week High
CRO/USD – Daily Chart

After a recent streak of gains, which began on July 26, at $0.1150, the token is now up almost 30% overall.

This recent uptrend has caused price strength to peak at 67.94 on the RSI, which is overbought territory.

This also marks the high point of the index in the past four months. It could lead to a possible price reverse, similar to the DOT.

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Are you expecting cronos this week to continue their recent gains? We’d love to hear your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.

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