Now, the start of the king coin to reverse sentiment more broadly after re-entering the $46,000 region. While ‘extreme fear’ persists in the markets at press time, Cardano and Litecoin have presented weak near-term technical indicators. Buyers need to increase volume to deflect momentum in their favor.
In contrast, NEAR has seen exponential gains over the past day and hit ATH on Jan. 4.
Cardano (ADA)
ADA's ascending wedge (white) tilted after it witnessed a sharp pullback from near the 61.8% Fibonacci resistance at $1.53. As a result, it saw a 19.38% retracement from the three-week high on Dec. 27 until the bears tested the $1,311 level. However, the bulls managed to break through this level from the previous resistance to the immediate support.
Alt has been trading below the most liquid area (Control Point [red]) for more than three months. Hence, indicating a bearish sentiment. Now, immediate resistance stands near the Control Point and the 38.2% Fibonacci level.
At press time, ADA trades at $1,314 after recording a loss of 3.28% in 24 hours. The RSI reverses after a bullish divergence (white) with price action. But can not sustain on half way. Recently, the pullback volume is higher than the tilt volume indicating a weak bullish movement. However, ADX shows a weak directional bias for alt.
Litecoin (LTC)
LTC has managed to find a range between $167 and $143 makr for over a month now. As a result, the price reversed off the immediate support that coincided with the lower trendline of the falling channel (white).
The bulls maintained the $143 support for almost five months now while the bears continue to retest it several times. Now, when we see a breakout of the down channel, the immediate barrier is near the 50-SMA (cyan).
At press time, LTC is trading at $148.4. The RSI has struggled to mark a convincing close above the halfway mark for the past ten days. In addition, the DMI flashed a bearish trend while the ADX displayed a weak directional bias.
Proximity Protocol (NEAR)
After the bearish channel breakout (yellow) in mid-December, NEAR has marked an exponential gain. It has rallied a staggering 113.21% from the December 20 low and hit an ATH of $17.38 on January 4.
After forming a symmetrical triangle, it broke the support of the uptrend line (white). However, NEAR marked a 25.11% gain in 24 hours to reach its lifetime milestone. Any further withdrawals will find testing facilities in the $15.4 to $14.9 range.
At the time of writing, alt trades at $16,645. The RSI dropped slightly below the overbought zone. In addition, DMI reaffirmed the bullish strength. However, ADX shows a slightly weak directional bias towards alt. The recent bullish movement also marks higher highs on the volume oscillator, indicating a healthy trend.
According to AmbCrypto