June Week 3 Technical Analysis: GMT, DOT, and BTT
Bitcoin lost more than 25% in the past week, and such developments affected the structures of most tokens. BTC trades around its critical support floor at $21.5K and seems ready for dips to $20K. Extended selling volumes in the upcoming days would see bearishness dragging BTC to $19.5K.
Investors should prevent new buys until bulls overcome the crucial resistance near $22.5K. Meanwhile, let us check how some alts would respond to Bitcoin’s movements in the coming week. This analysis will use the 4hr charts to ensure relevance and accuracy.
GMT/USDT
The latest sell-off saw GMT losing more than 45%. The best thing is the alternative token didn’t break the $0.55 crucial support. Losing this foothold would have welcomed further declines towards the $0.43 value area.
Enthusiasts shouldn’t expect bullish actions until GMT flips the $0.81 resistance. Moreover, traders need to watch for possible closing under $0.55 as such a move would see GMT plummeting towards $0.43. Sellers dominate GMT and might lead to southbound movements. For that reason, investors should hold new buys until the token sustains beyond $0.81.
DOT/USDT
Downward tendencies within the past week saw DOT testing the $7.32 support. Moreover, analysts had advised traders to avoid purchasing DOT as it could break the foothold at $8.85. This zone has served as resistance this week, preventing Polkadot from breaching the area to explore its last month’s level.
DOT revived towards the $8.85 resistance after dropping to $6.36. Nevertheless, a rejection that made it seem like a breakdown retest confirms a bearish bias. For that reason, investors should avoid purchasing Polkadot until the token breaks past the $8.85 hurdle.
BTT/USDT
BTT has dropped about 30% since last week. The massive drop emerged after the token breached a zone. Meanwhile, the price chart shows a significant breakdown from reliable support. A somewhat vertical plunge followed the plunge. BTT is unlikely to rebound upside past the resistance soon.
Thus, investors should avoid BTT at its current levels. Furthermore, the altcoin might maintain sideways at current areas for some days. Expect extended bearish actions if BTT closes beneath its prevailing low.
As highlighted above, investors should watch BTC’s movements as they can impact the broad market.
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