The altcoin market has carried out strongly previously week, with Ethereum gaining practically 15%. Axie Infinity, Cosmos, and Decentraland all adopted the footsteps of Bitcoin and ETH and flipped former near-term resistance areas to help.
At $3411, in orange, lies a degree that marked one more swing excessive on ETH’s downtrend. This degree was a decrease excessive, registered in mid-January. Within the months since then, the worth has retested the $3200 space as a zone of provide.
Solely previously few days has ETH been capable of push previous the $3200 space and retest it as a requirement zone. Furthermore, on the 4-hour chart, the RSI continued to point out robust bullish momentum and was in overbought territory with a price of 73.6.
The OBV was additionally rising, and momentum might see Ethereum climb previous $3411. This may be one more signal of near-term bullish power. $3650-$3700 is the following resistance space.
Axie Infinity (AXS)
A set of Fibonacci retracement ranges have been drawn primarily based on AXS’ transfer from $58.55 to $74.85. The 61.8% retracement degree for this transfer lay at $64.78, and it has been examined as a help degree. Furthermore, the $63-$67 space (cyan field) is an space of former provide, and AXS has possible flipped it to demand.
The RSI climbed previous impartial 50 as soon as extra as bullish momentum gathered, and the Chaikin Cash Circulate was at +0.06 to point out vital shopping for stress out there.
ATOM shaped a near-term vary from $27.2 to $29.4 (white), and previously few days, the worth has tried to interrupt out of this vary and succeeded. Furthermore, it established a bullish order block within the $29.5 space (cyan), which meant a revisit to this space might current shopping for alternatives.
There was additionally a zone of resistance within the $31 space (pink field). The Superior Oscillator crossed over above the zero line to point out bullish momentum was rising as soon as once more, whereas the CVD additionally registered inexperienced bars to point out demand was selecting up.
MANA was one other coin that was retesting a former space of resistance as demand. At $2.7 and $2.54 rested areas the place sellers had been robust in latest weeks. Nevertheless, previously week, the worth shaped a compression and broke out previous each these areas. Within the subsequent couple of days, one other transfer northward might be witnessed.
Whereas the MACD was dipping in response to the sharp pullback from $2.8, the OBV continued to kind larger lows. This meant shopping for quantity was regular and stronger than promoting.