The altcoin market has carried out strongly up to now week, with Ethereum gaining almost 15%. Axie Infinity, Cosmos, and Decentraland all adopted the footsteps of Bitcoin and ETH and flipped former near-term resistance areas to assist.
At $3411, in orange, lies a stage that marked one more swing excessive on ETH’s downtrend. This stage was a decrease excessive, registered in mid-January. Within the months since then, the worth has retested the $3200 space as a zone of provide.
Solely up to now few days has ETH been in a position to push previous the $3200 space and retest it as a requirement zone. Furthermore, on the 4-hour chart, the RSI continued to indicate sturdy bullish momentum and was in overbought territory with a worth of 73.6.
The OBV was additionally rising, and momentum may see Ethereum climb previous $3411. This could be one more signal of near-term bullish power. $3650-$3700 is the subsequent resistance space.
Axie Infinity (AXS)
A set of Fibonacci retracement ranges had been drawn based mostly on AXS’ transfer from $58.55 to $74.85. The 61.8% retracement stage for this transfer lay at $64.78, and it has been examined as a assist stage. Furthermore, the $63-$67 space (cyan field) is an space of former provide, and AXS has doubtless flipped it to demand.
The RSI climbed previous impartial 50 as soon as extra as bullish momentum gathered, and the Chaikin Cash Circulation was at +0.06 to indicate important shopping for stress available in the market.
ATOM fashioned a near-term vary from $27.2 to $29.4 (white), and up to now few days, the worth has tried to interrupt out of this vary and succeeded. Furthermore, it established a bullish order block within the $29.5 space (cyan), which meant a revisit to this space may current shopping for alternatives.
There was additionally a zone of resistance within the $31 space (purple field). The Superior Oscillator crossed over above the zero line to indicate bullish momentum was rising as soon as once more, whereas the CVD additionally registered inexperienced bars to indicate demand was selecting up.
MANA was one other coin that was retesting a former space of resistance as demand. At $2.7 and $2.54 rested areas the place sellers had been sturdy in latest weeks. Nonetheless, up to now week, the worth fashioned a compression and broke out previous each these areas. Within the subsequent couple of days, one other transfer northward may very well be witnessed.
Whereas the MACD was dipping in response to the sharp pullback from $2.8, the OBV continued to type greater lows. This meant shopping for quantity was regular and stronger than promoting.