Market turmoil, what’s next for ATOM, KAVA, LUNA, TRX
CoinCu will take a look at the price action of 4 prominent altcoins during the market turmoil.
On September 20, ATOM hit a new all-time high at $44.8. Then it started a correction and led to a low of $20.18 on December 15th.
Although the token managed to set a new all-time high, it failed and was rejected by the $44.8 resistance area two more times in January, creating a triple pattern.
If there is a move down, the next support is $30.
ATOM/USDT daily chart | Source: TradingView
KAVA has been rising along with the ascending support line since January 14th. The upward move led to a high of $5.82 on Jan. 17.
However, the token failed to sustain its rise and fell below the $5.10 zone after that. It is now assumed that this area acts as a resistance zone.
KAVA is currently in the process of descending towards the ascending support line at $4.20.
KAVA/USDT 6 hour chart | Source: TradingView
LUNA has been down since Dec. 27 when it hit a new all-time high of $103.6. The downtrend led to a low of $62.46 on Jan 8.
While this initially led to a break out of the $75.5 zone, LUNA started and recaptured an upward move shortly thereafter.
On January 18 (green icon), the price market turmoil confirmed it as support and started to rise.
LUNA/USDT 6 hour chart | Source: TradingView
TRX has been falling since November 15 when it peaked at $0.129. The move down resulted in a low of $0.06 on Jan. 11. This confirmed both the $0.06 area and the ascending support line forming since June.
As long as these support levels hold, the bullish structure remains intact.
TRX/USDT daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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