Bitcoin dropped from $42.8k to $39.7k in the hours preceding press time. This saw altcoins pullback as well. However, coins like THETA still had a bullish case to be made based on price action. LUNA and FTT had a bearish outlook, although LUNA is more likely to see some demand arrive in the next few hours.
Theta Network (THETA)
Theta had a short-term bullish market structure but this changed when it fell beneath the $3.25 level. The $3 level has been flipped to support over the past week, and at the time of writing, THETA bulls were fighting to drive prices past the $3.35 resistance level once again.
The Awesome Oscillator dipped below the zero line, and over the next day, further downside could be seen. The Aroon Indicator showed a downtrend in progress but the Aroon Down (blue) was dipping, to show waning bearishness. Hence, a dip to $3 could occur once more.
Terra (LUNA)
Source: LUNA/USDT on TradingView
LUNA fell beneath the $95 zone of demand (cyan box) and could retest it in the next few hours. A rejection would confirm it has been flipped to a supply zone. The MACD fell beneath the zero line and showed a sell signal.
The CVD did post weak green bars to hint that maybe bulls had some strength. However, it appeared likely that LUNA would face rejection at $95 and a further drop, as the CMF showed strong selling pressure. It moved below -0.05 to suggest heavy capital flow out of the market.
On the other hand, if LUNA can close a session above $96, the short-term bias might begin to shift in the favor of the bulls.
FTX Token (FTT)
Source: FTT/USDT on TradingView
FTX Token has seen strong volatility in the past few days. Based on its move from $38.52 to $53.28, a set of Fibonacci retracement levels (yellow) was plotted. At the time of writing, the 78.6% level has been defended.
However, the OBV was in a downtrend to show selling volume outweighed buying volume. The RSI was also beneath the zero line, to show bearish momentum. The $43-$43.5 could pose stiff resistance to FTT.
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