4th Evening Technical Analysis: ETH, XRP, LUNA, ATOM, NEAR
After an encouraging start to the week, ETH momentum waned on Wednesday, since when the price slipped to the critical $2,500 support. Overall, the largest altcoin has secured a price increase of 4.7% in the last 7 days. However, if this correction doesn’t end soon, most of the recent gains will be lost again.
Due to the rejection at $3,000, ETH is currently looking pretty weak and has made a lower high. The buyer must protect the support. If not, it may continue to fall. The indicators are also falling again and the optimism is gradually disappearing.
Looking further, the price could easily drop to $2,500 before a fresh breakout attempt. If the market is still falling, it is likely that the correction will be deeper.
USD/ETH | Source: TradingView
For the past 2 weeks, XRP has been stuck in a range between $0.86 and $0.7. There was strong volatility last week when prices fell below $0.7 due to the war in Ukraine, but prices have since recovered quickly and are up 5.7% over the past 7 days.
Despite the recent relief rally, XRP continues to struggle to break the resistance at $0.86. Sellers seem to have the upper hand and are trying to keep prices below this level. Expect the price to be close to retesting the support area and putting renewed pressure on the buyers.
The indicators are quite flat and do not show clear conviction. Therefore, XRP could remain in the current range for a while before any bulls or bears make a decisive breakout.
XRP/USDT | Source: TradingView
LUNA continues to challenge the market and is close to hitting an all-time high of $103 this week as the price touches $97 before the pullback occurred. Now, the token is consolidating just below the all-time high resistance. Overall LUNA has a great performance with 40% price increase in 7 days.
This allows it to overtake Avalanche, Solana, and Cardano in terms of total market cap and is currently ranked 7th, challenging Ripple for 6th.
The MACD-Histogram is making lower highs and this could indicate that the buyers are no longer strong enough to push LUNA higher, especially after such a large rally and because the market as a whole is still quite bearish from the recent ups and downs in the world. If LUNA enters a correction, there will be good support between $80 and $70.
LUNA/USDT | Source: TradingView
Last week, ATOM managed to break out of the downtrend and has been steadily rising ever since. In the last 7 days, the price increased by 36%, which is in line with the performance of LUNA.
The next key resistance for ATOM comes in at $36 and a test of this level is likely before an eventual pullback. The indicators are also bullish and showing no exhaustion as shown on the LUNA price chart. Because of this, ATOM still seems to have the momentum it needs to test resistance before correcting.
Current support is found at $30 and ATOM is unlikely to drop to this low in the near term as momentum remains on the buy side. Volume also looks healthy and this cryptocurrency will continue to perform well.
ATOM/USDT | Source: TradingView
Near protocol (NEAR)
Near Protocol broke the downtrend on heavy volume 3 days ago and managed to quickly recover to $12 before the pullback turned back towards the critical $10 support. Since breaking out, NEAR has been trading within a clear short-term uptrend, trading 34% higher over the past 7 days.
The indicators are clearly positive and share the same pattern identified on the ATOM price chart. The MACD and RSI are both bullish, but there are some concerns about the significant drop in volume since the breakout.
Looking ahead, NEAR has a good chance of retesting the key resistance at $12. If volume increases in the coming days, this cryptocurrency is well positioned to continue towards $13 or higher.
NEAR/USDT | Source: TradingView
You can see the price of the coin here.
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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.
According to Cryptopotato