Altcoins

Solana, Tezos, MANA Price Analysis: 20 February

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

Solana (SOL)

SOLUSD 2022 02 20 12 01 06

Supply: TradingView, SOL/USD

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

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Since then, the alt downturned to check its 50 EMA (purple) and finally flipped the $92-mark from help to fast 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 degree.  

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

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Tezos (XTZ)

XTZUSDT 2022 02 20 12 21 21

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 way 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). In consequence, 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 (fast resistance). Any additional fall decline would discover a flooring 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 instances. 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 larger costs prior to now, hinting that the consumers had not misplaced full management.

Decentraland (MANA)

MANAUSDT 2022 02 20 12 38 17

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 (purple) and the 50 SMA (gray) are on the verge of a bearish crossover. Now, a sustained shut under the demand zone may propel an additional fallout.

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

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