Cardano, Avalanche, CRV Price Analysis: 10 January


Yet again, the onus was on the king coin to alter the wider sentiment after entering the $41,000-zone. While an ‘Extreme fear‘ wave still lurked in the crypto market, Cardano and Avalanche poked their multi-week lows on 8 January. Also, the Curve DAO token fell below its three-month Point Of Control.

Cardano (ADA)

Source: TradingView, ADA/USDT

ADA’s ascending broadening wedge (white) reversed from near the $1.59 resistance level. As a result, it saw a 29.63% retracement (from 27 December high) until it poked its five-month low on 8 January. 

The down-channel (white) oscillation flipped the $1.2-mark from support to immediate resistance. The bulls had ensured this level since July but succumbed to a broader sell-off.  Now, immediate resistance stood at the upper channel that coincided with the 20-SMA near $1.2.

Recently, the pullback volumes exceeded the buying volumes, revealing a strong bearish perception. At press time, ADA traded at $1.163. The RSI was in an uptrend and saw a bullish divergence (yellow) with price action. But still strived to close above the half-line.

Avalanche (AVAX)

AVAXUSDT 2022 01 10 17 31 50

Source: TradingView, AVAX/USDT

After the bearish flag breakdown, AVAX halted the downfall at the 61.8% Fibonacci support. As it reversed, it registered a monstrous 67.8% ROI (from 13 December low) to poke its three-week high on 22 December. Since then, the alt saw a 37.58% retracement and poked its three-week low on 8 January. 

Now, AVAX attempted to reclaim the 38.2% Fibonacci support after witnessing strong resistance at the $88.7-mark. The 20-SMA (red) fell below the 50-200 SMA, displaying a bearish comeback.

Any further retracements would find testing support at the $79.3-mark followed by the 61.8% level. At press time, AVAX traded at $87.2. The RSI found near-term resistance at the half-line while flashing bearish signs. Also, the DMI lines refused to crossover and continued to flash a selling bias.

Curve DAO token (CRV)

CRVUSDT 2022 01 10 18 03 16

Source: TradingView, CRV/USDT

Since 22 October, the alt found an oscillating range between $6.159 and the $3.278-mark with the Point of Control (red) acting as equilibrium at the $4.846-level.

The recent up-channel (white) reversed after poking its 20-week high on 4 January near the long-term resistance. Over the past six days, the alt declined by 35.3% below its three-month Point of Control. Now, the 20 SMA (red) plunged below the 200 SMA (green) after nearly three weeks, hinting at increased bearish influence. The immediate testing support stood near $4.179.

At press time, CRV traded 91.7% below its ATH at $4.393. The RSI tested the oversold region thrice in the last four days but still showed no revival signs. To top it up, the DMI confirmed the previous analysis.



Source link

Leave a Reply

Your email address will not be published.