LUNA tested 78.6% FIB resistance amid market recovery. Moreover, the alt dips into overbought conditions. Avalanche witnessed decent increases within the past few sessions, swaying beyond 20-50-200 Simple Moving Average. Meanwhile, $0.06 remains a crucial level for Tron in detecting potential breakouts.
Terra (LUNA)
LUNA registered a 50.11% decline after losing the $86 level, hitting 2-month lows on January 31. However, the alt jumped into the recovery phase following a patterned breakout, testing the 38.2% FIB mark. Meanwhile, Terra kept the Point of Control as a crucial value region where buyers defended the $51 mark.
LUNA experienced remarkable gains last week, gaining more than 50%. That had it snapping the critical 61.8% resistance before testing $78. For now, the range at $70 – $74 would ensure an immediate foothold before a massive pullback.
While publishing this article, LUNA traded at $75.43. The Relative Strength Index remained sturdy. Reversals might discover a floor around 61. Meanwhile, the Awesome Oscillator flashed slowing signals on the 4hr chart. That was after hitting record highs.
Avalanche (AVAX)
AVAX saw a massive 86% surge after touching 14-week lows on January 22. However, downswings emerged, and the alt breakdown from an upward channel. However, the alt kept retesting the range of $77 – $79 until a massive retracement saw it losing this value area. Meanwhile, bulls defend the support of $66. That way, a close past $79 will propel AVAX to $83.
However, the altcoin might experience further pullbacks as the 50 Simple Moving Average jumped beneath the 200SMA.
While publishing this blog, Avalanche changed hands at $79.09. The Relative Strength Index rose within a climbing wedge within the past few days, hovering around the 52-mark. Though the wedge’s top trend-line assumed resistance, a possible breakdown would secure support at 46-index.
Tron (TRX)
Tron surged within an ascending channel of the 4hr chart as the alt recovered from 6-month lows on January 24. TRX saw about 40% upswing, retesting 61.8% FIB resistance on February 10. The alt registered a steep downside since hitting this level. From here, the closest resistance stood near $0.06, the zone coinciding with the downward channel’s upper trend-line.
Moreover, the short-term technicals flashed bearish bias as buyers struggled to enhance their influence. Tron traded near $0.06014 at this writing. The Relative Strength Index saw sideways movements within the past week as prices declined.