Technical analysis

Top Altcoins for the Day-DeFi, NFT Space Lits Up While Traditional Cryptos Wrangle!

  • Some of the altcoins are displaying huge momentum and strength that may prevent them from deep dive into a bearish well

  • Along with the traditional altcoins, some of the DeFi tokens and NFTs appear to be poised to reclaim the lost levels quickly

Traditional cryptos like Bitcoin, Ethereum, Cardano, Ripple, etc. have been trying very hard to maintain a fine upswing. Some of the altcoins, like XRP, Polygon (MATIC), Dogecoin (DOGE), etc., are rising above bearish captivity. Meanwhile, tokens like Avalanche (AVAX), and Fantom (FTM) lead the DeFi space, and NFTs like Decentraland (MANA), and Enjin Coin (ENJ) lead the NFTs. 

Avalanche (AVAX) 

  • The Avalanche price has been bearish for the past few days and has dropped heavily to reach the lower support 
  • Interestingly, the price has formed a double-top pattern that has bought the momentum lower which may further drag the price still lower
  • The volume has been slashed heavily and largely dominated by bears and hence the momentum is believed to remain lower
  • In such case, the price may slice through the neckline of the double top pattern formed and reach the lower support

Fantom (FTM) 

  • The FTM price has been dropping heavily but within a falling wedge pattern and after testing the upper resistance
  • At these levels, if the price fails to slice through the resistance, may face a massive rejection and plunge hard
  • In case of a bullish breakout, the price is believed to rise high to reach the upper resistance close to $0.48
  • Else, the bearish pullback may drag the price towards the lower support at around $0.36 in the next few days.

Decentraland (MANA) 

  • The MANA price was trading within a rising ascending triangle until the recent price crash
  • The price sliced the lower support of the triangle and is currently testing the interim support levels 
  • However, the price made a significant comeback as price rebounded fairly since the early trading hours
  • Woefully, the price rise failed to make an entry back into the triangle and hence may tet back the lower support

Enjin Coin (ENJ) 

  • The ENJ price appears to have lost its grip over the market and hence is shedding the notable gains since the beginning of the month
  • The Bollinger bands after compressions and expansion have now begun with a parallel trend, indicating less variation in the prices
  • However, the price has reached the upper resistance of the band and is preparing to undergo a rejection 
  • The volume has dropped heavily which is hindering the progress of the rally to a large extent


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