Dogecoin (DOGE) has continued to drift lower toward the critical support at $0.15. This level had held on two previous occasions, hence the bulls will again try to defend it aggressively.
DOGE/USDT daily chart. Source: TradingView
If the price rebounds off $0.15, the bulls will try to push the price above the 20-day EMA ($0.22). If they can pull it off, it will suggest the start of a relief rally that may reach the 50-day SMA ($0.27).
Conversely, if bears sink the price below $0.15, the selling could intensify as traders rush to the exit. That could result in a fall to $0.10 and later to $0.07. The downsloping moving averages and the RSI near the oversold zone suggest that the possibility of a breakdown is higher.
The failure of the bulls to drive Polkadot (DOT) back above $14.50 in the past two days indicates a lack of demand at higher levels. That resulted in further selling today, sinking the altcoin below the critical support at $13.
DOT/USDT daily chart. Source: TradingView
Both moving averages are sloping down and the RSI is near the oversold territory, suggesting that bears are in command. If the price sustains below $13, the DOT/USDT pair could decline to the next support at $10.
The bulls may try to arrest the decline at the psychological level at $10 but any relief rally is likely to face resistance at $13. If the bears flip this level into resistance, the possibility of a drop to $7 increases. The first sign of strength will be a break and close above the 20-day EMA ($15.38).
Uniswap’s (UNI) attempt to rebound off the $16.93 support on July 14 did not find buyers at higher levels. The altcoin turned down on July 15 and broke below $16.93 today but the long tail on the day’s candlestick suggests buying at lower levels.
UNI/USDT daily chart. Source: TradingView
If the price sustains above $16.93, the bulls will again try to push the price to the downtrend line. A breakout and close above this resistance will suggest a possible change in trend.
Conversely, if the price sustains below $16.93, the UNI/USDT pair could drop to $15 and later to the critical support at $13. Both moving averages have turned down and the RSI has dipped below 40, indicating that bears have the upper hand.
If the price plummets below $13, the pair will complete a bearish descending triangle pattern. This could resume the downtrend with the next support at $10 and then $7.
Related: Bitcoin price passes $32K with traders wary of ‘relief rally’ if resistance stays
The bulls tried to push Bitcoin Cash (BCH) back above $475.69 on July 14 but failed. This suggests that bears have flipped the $475.69 level to resistance. The altcoin turned down and resumed its down move on July 15.
BCH/USDT daily chart. Source: TradingView
There is a minor support at $428. If the price rebounds off this level, the bulls will again try to push the BCH/USDT pair above $475.69. If they succeed, the pair may rise to $538.11. A breakout of this resistance will indicate a possible change in trend.
Alternatively, if the price continues its down move and breaks below $428, the pair could drop to the psychological level at $400 and then $370. The declining moving averages and the RSI below 36 suggest that bears are in control. A break below $370 could start the next leg of the downtrend.
Litecoin’s (LTC) rebound off the $118 support on July 14 fizzled out at the downtrend line on July 15. This suggests that bears are defending the downtrend line aggressively.
LTC/USDT daily chart. Source: TradingView
The downsloping moving averages and the RSI below 36 suggest the path of least resistance is to the downside. If bears sink and sustain the price below $118, the LTC/USDT pair could drop to the $104.92 to $100 support zone.
This zone may attract buyers but if bulls fail to propel the price back above $118, the selling might continue. A break below $100 could extend the decline to the next support at $70. This negative view will invalidate if the price rebounds off the current level and breaks above the downtrend line.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.