78 Interactions, 2 Today
After a few good days of trading at the beginning of the month, most major altcoins were seen trading in the red today. XRP, Terra, and Avalanche all showed depreciation on their charts. XRP had just broken through its $1.04 support level, and Terra had also corrected slightly after reaching an all-time high today. Finally, Avalanche’s significant 6.8 percent drop occurred after a sell-off in the previous 24 hours.
XRP was consolidating negatively on its charts, losing nearly 1.09 percent in the last 24 hours. The alternative was priced at $1.02. It had broken below the price floor of $1.04 and, if losses continue, it may return to the price floor of $0.94.
The additional price floor was $0.87, which XRP had last seen a week ago. On the four-hour chart, XRP’s price had just fallen below the 20-SMA line, indicating that price momentum had shifted to the sellers.
Red signal bars were also displayed by the Awesome Oscillator. MACD experienced a bearish crossover and histogram red red bars. Buying pressure fell on the Relative Strength Index, but the indicator remained in the bullish zone.
If buying pressure travels north, it could push the altcoin to trade at its immediate resistance mark of $1.14 and then to $1.18.
Terra was priced at $46.14, and the coin’s value has dropped by 1.9 percent in the last 24 hours. The alt maintained its all-time high, despite a slight depreciation. In the absence of a price pullback, the psychological price resistance for Terra could be $50.
The altcoin’s price was above the four-hour 20-SMA line, indicating that price momentum was in favour of buyers. All other technical indicators were also pointing to positive market price action.
Terra was overbought, but the Relative Strength Index had just fallen through and was hovering around 70. Green bars were visible on the MACD’s histograms. A green signal bar was also flashed by Awesome Oscillator.
A corrective fall in prices cannot be dismissed, in the case of which Terra would trade near its support level of $45.38 and at $43.46. Additional price floors awaited Terra at $38.27 and then at $32.89, respectively.
Avalanche was trading at $66.41 after falling 6.8 percent in the previous day. In the last 24 hours, the altcoin experienced a sell-off, causing it to trade near its support level of $64.80.
AVAX’s additional price floor was $55.40, which it last traded near two weeks ago, and if it fell below that level, it could find itself near $48.26. The key technical indicators were pointing to bearish price action.
The Relative Strength Index fell below 50, indicating a bearish trend. The Awesome Oscillator displayed red signal bars as well. Bollinger Bands remained parallel, indicating a lower likelihood of price volatility in the coming trading sessions.
On the reverse, the resistance mark for AVAX was at $73.83 and then at $79.18, respectively.