Altcoins

Solana, Tezos, MANA Price Analysis: 20 February

Whereas the broader sentiment drifted again into the concern zone, Solana, Tezos and MANA revealed oversold readings on their 4-hour chart. Accordingly, they misplaced essential help ranges and flipped them to rapid resistance.

Solana (SOL)

Supply: TradingView, SOL/USD

SOL noticed an almost 44% loss (from 20 January) and touched its five-month low on 24 January. Since then, it noticed an over 50% soar towards its $120-resistance. Throughout this part, it fashioned an up-channel on its 4-hour chart.

Since then, the alt downturned to check its 50 EMA (pink) and ultimately flipped the $92-mark from help to rapid resistance. The bulls have managed to maintain the $83-level intact for over 5 months now. Thus, additional retracements ought to discover testing grounds close to that stage.  

At press time, SOL traded at $86.39. After shedding its midline help, the bearish RSI examined the 43-point resistance a number of occasions however struggled to point out revival indicators. An additional retest of the oversold area earlier than choosing itself up appeared probably. Additionally, the -DI (of the DMI) appeared north, justifying the near-term bearish tendencies of SOL.

Tezos (XTZ)

Supply: TradingView, XTZ/USDT

As XTZ plunged in the direction of the $2.7-zone, the bulls took over because the alt bounced again and jabbed by means of essential worth factors.

The altcoin witnessed an 81.2% ROI (from its six-month low on 24 January) whereas forming an ascending channel (yellow). Because of this, it examined the $4.5-mark on 10 February. Since then, the broader sell-off fueled the up-channel breakdown as XTZ misplaced the $3.4-mark (rapid resistance). Any additional fall decline would discover a ground on the $3.2-level.

At press time, XTZ was buying and selling at $3.424. Over the past 4 days, The RSI noticed a 27-point fall from its midline and examined the oversold area a number of occasions. It nonetheless confirmed no revival indicators. On prime of it, the AO affirmed the bearish vigor by marking decrease peaks. However the OBV maintained the help that upheld greater costs prior to now, hinting that the patrons had not misplaced full management.

Decentraland (MANA)

Supply: TradingView, MANA/USDT

Since touching its 11-week low on 22 January, the alt noticed a staggering 107.4% ROI till 9 February. Then, MANA witnessed an up-channel (yellow) breakdown and examined the $2.7-mark. 

Since then, the alt recovered after forming a near-term demand-zone (rectangle). Nevertheless, it witnessed a 21.2% loss in simply the final 4 days, whereas the 20 SMA (pink) and the 50 SMA (gray) are on the verge of a bearish crossover. Now, a sustained shut beneath the demand zone might propel an extra fallout.

At press time, MANA traded beneath its 20-50-200 SMA at $2,71. Consequently, its RSI approached the oversold area. Any shut beneath the 30-mark is likely to be in for a development reversal.

Source link

Leave a Reply

Your email address will not be published.

Back to top button