In this excellent article, we’ll look at BTC/USDT. NEAR/USDT. SOL/USDT. LUNA/USDT and Analyzing back, eth, near sola, Luna and avax.
A short-term pricing analysis of the industry’s most feared heavyweights! Is there any reason to believe the pattern will continue, or is there a ray of hope? Let’s see what we can uncover it.
Analyzing back, eth, near sola, Luna and avax
Weeks ago, the market experienced a brief respite and rallied higher to form a new peak. The market action this week is now attempting to consolidate approval ratings.
We will utilize numerous technical indicators to examine the likely price trend of BTC, ETH, NEAR, SOL, LUNA, and AVAX in the 4-hour time in this technical research.
To make it clear and simple, I used a logarithmic chart.
When we look at the 4-hour time window, we can see the daily price swings more clearly. In the short to medium term, bears are in control. But how much longer can this go on?
Price action is planning to test April’s low and seeking to confirm support, as can be seen. The price has proceeded to set very low lows after writing this month’s high. If B8itcoin falls below this level, the next critical support level is $37,000.
It’s not a good omen when the 4-hour close falls below $39,200. It predicts a pattern of lower lows that will continue. A 4hour over $40,200, on the other hand, will offer the bulls a breath of fresh air and create the stage for a push into our target region.
You got it correct! We’re keeping with the logarithmic chart for now.
The trend is obviously in advantage of the bulls when glancing at the 4-hour time frame. Up to the April peak, higher highs can be seen rising. The price has been stabilizing since then, awaiting for its next move.
Looking at the most recent price movement, we can see that the price is currently swinging between $15 and $17. There are no obvious signals to predict the future move at this moment. Lower highs and higher lows are still being formed. NEAR might fall to $13 if it loses its April low.
A four-hour close over $16.50 indicates that the price will return to our target range. A 4-hour close below $15.25, on the other hand, would mark a new April low.
Would you like to learn more about NEAR? “The Definition Of Near Protocol (NEAR)?” is a good place to start.
We can observe that the modern trend is in support of the bears if we study at the 4-hour time period. We’ve been setting lower lows since April’s high. When likened to other key participants, SOL’s pricing action shows larger fluctuations.
Having a look at our most latest price action, we can be certain that the price has struggled to narrow above $108 and retain its ground. While $100 has been maintained as psychological support – but for how long? A loss of this level might drive SOL towards the $85 zone.
A 4-hour close below $99 indicates that Solana will carry on making lower lows. But, if the 4-hour closes over $103, the bulls will be in an excellent position to reclaim some lost.
You might also be interested in reading “What Is Solana?”
Now let us start by looking at LUNA, which is one of the market’s top performers in based on the price action growth.
We can see how the short-term trend is in advantage of the bears when we look at the 4-hour time period. We’ve returned to our March low due to lower lows. LUNA is now hanging at its $75 support zone. A deficit of this level might send the token towards $70.
When we look at our most recent price activity, we can see that bulls jumped in and drove LUNA towards $100 the last time the price was at this level. Will the bulls intervene again this time, sending LUNA in our direction?
LUNA has an excellent start on a rebound to $100 with a 4-hour above $80. A 4-hour closing below the April low, on the other hand, would trigger a sell-off towards $70.
You might also be interested in our article “What Is Terra (LUNA)?” Tokenomics, Attributes, and Pricing Forecasting”
Lastly, let’s have a glimpse at AVAX, the world’s most popular red coin.
The price behavior is identical to LUNA’s on the 4-hour time period, with a sharp sell-off and lower falls. This time, though, the price is revisiting the April low rather than the March low. $75 has previously served as a good support level, but will it continue to do so?
Having a deeper look at our most recent price action, we can see that bears took short-term control and pushed the price to its nearest support the last time the price was at this level. If this level is breached, AVAX may be forced to trade in the lower $70 range.
A 4-hour near over $77 will set AVAX on a course for our target area. A 4-hour close below $73, on the other hand, might allow the market to simply record lower lows.
You might also be interested in reading “What is Avalanche (AVAX)?” Tokenomics, Features, and a Road Map”
For a simple viewing, here’s an overview of all the charts.
If you jumped to the bottom to save time, here’s a quick recap of what you just read:
- Bitcoin’s professional aid has begun to deteriorate.
- To launch a bull run in ETH, bulls must flip the switch.
- NEAR bulls are still stockpiling and waiting for the next move higher.
- When compared to others, Solana’s popularity appears to be low.
- Sometimes after parabolic run, LUNA is apparently getting cooler.
- Despite the market’s current state, AVAX remains strong.
A revisit of April’s bottom before attempting to climb higher is something to watch this week. This study is based on a four-hour period. Hopefully, the charts for the coming week will provide bulls with a brighter light of optimism for the market-cap behemoths!
Keep in mind that everything here is based on the writer’s personal opinions. Do your own homework, as ever.