Once again, however, the start of the king coin to shift sentiment more broadly after entering the $41,000 region. While a ‘Extreme fear‘waves still lurking in the crypto market, Cardano and Avalanche hit their multi-week lows on Jan. 8. In addition, the Curve DAO token fell below the Control Point for three months its.
Cardano (ADA)
Source: TradingView, ADA/USDT
ADA’s ascending expanding wedge (white) has reversed from near the $1.59 resistance level. As a result, it saw a 29.63% retracement (from the December 27 high) until hitting a 5-month low on January 8.
The falling channel oscillator (white) moved the $1.20 mark from immediate support to resistance. The bulls have secured this level since July but succumbed to the broader sell-off. Now, immediate resistance stands at the upper channel that coincides with the 20 SMA near $1.20.
Recently, the pullback volume exceeded the buy volume, indicating a strong downtrend. At press time, ADA trades at $1,163. The RSI is in an uptrend and witnessing a bullish (yellow) divergence with price action. But still trying to close the door halfway.
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
Following the bear flag crash, AVAX paused the decline at the 61.8% Fibonacci support. When it reversed, it registered a monstrous 67.8% ROI (from the December 13 low) to hit a three-week high on December 22. Since then, the alt has seen the lows 37.58% retracement and hit a three-week low on Jan. 8.
Now, AVAX has managed to regain the 38.2% Fibonacci support level after seeing stiff resistance at the $88.7 mark. The 20 SMA (red) has dropped below the 50-200 SMA, indicating a bearish return.
Any further pullback will find testing support at $79.3, followed by 61.8%. At press time, AVAX trades at $87.2. The RSI found short term resistance at half way while bearish signs are flashing. Besides, DMI lines refuse to intersect and continue to create a selling trend.
DAO Token Curve (CRV)
Source: TradingView, CRV/USDT
Since October 22, the alt has found a range of oscillations between $6,159 and $3,278 with the Control Point (red) acting as an equilibrium at $4,846.
The recent ascending channel (white) has reversed after hitting a 20-week high on Jan. 4 near long-term resistance. Over the past six days, the alt has fallen 35.3% below the Control Point for three months. Now, the 20 SMA (red) has dropped below the 200 SMA (green) after almost three weeks, showing an increasing bearish influence. Immediate testing support is near $4,179.
At press time, CRV is trading 91.7% lower than ATH at $4,393. The RSI tested the oversold zone three times in the past four days but still show no sign of resurgence. To top up, DMI confirmed the previous analysis.