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The altcoin market has had a mixed trading day, clinging to Bitcoin and Ethereum’s coattails. COSMOS was down 2.4 percent and trading near its weekly high of $25.54. Solana, on the other hand, rose 7.7 percent to a new all-time high. Ethereum Classic increased by 2.3 percent as it attempted to recapture its multi-week high of $75.04.
SOL gained 7.7 percent in the last 24 hours and was trading at $147.65. If SOL continues to rise, it may soon test its psychological resistance level of $150. Since SOL reached an all-time high, the coin’s technicals have stayed extremely optimistic.
As the Relative Strength Index approached 75, buying pressure remained intense. MACD also displayed a bullish crossover and an all-time high. With higher capital inflows, Chaikin Money Flow remained above the midline.
A corrective price pullback could bring prices to a halt at $125.95, followed by $99.92. A decline to $99.92 might potentially push prices higher, as that level has previously worked as a catalyst for price increases.
Solana has been climbing on its charts recently, owing to soaring interest in decentralized finance applications and NFTs.
Cosmos has dropped 2.4 percent in the last 24 hours and is now trading at $24.22. The altcoin was priced a few cents lower than its weekly high of $25.54. A further drop from the current price level would take prices to a support level of $21.50, from which a drop could send COSMOS to a two-week low of $18.
After a bearish crossover, MACD exhibited red bars on its histogram. Awesome Oscillator showed red signal bars as well. The Relative Strength Index, on the other hand, was above 50, indicating an increase in purchasing pressure. COSMOS could retest its multi-month high of $25.54 if prices rise.
Over the past few months, Cosmos has expanded its DeFi offerings which led to a surge in demand for the alt. In addition to this, its initiative of bringing Bitcoin to the network, recently received funding from Interchain Foundation (IFC), an organization that funds development grants in the Cosmos ecosystem.
Ethereum Classic (ETC)
Ethereum Classic has gained 2.3 percent in the last day and is now worth $69.76. With a continued advance, ETC’s current price level could re-attempt to touch its three-week high of $75.04. If it succeeds to break through the $75.04 level, it may retest the $78 price resistance level.
The Relative Strength Index remained above 60, indicating that purchasing strength remained strong. The green bars on MACD’s histogram were visible, indicating optimistic price activity. The Awesome Oscillator displayed green signal bars, but a red session produced a red signal bar.
The first support level lay at $67.36, and failing to sustain over this could land the coin on $58.07. A dip below $58.07 would make ETC revisit its four-week low price level.