After the recent sell-off, it’s important for Cosmos bulls to step in and protect the $25.1 level to avoid more losses. It also looked at the lower end of its Bollinger bands because it had lost more than 10% in the last three days. Chiliz, too, fell below its EMA ribbons while the bulls tried to keep the price above $0.185.
Since 7 February, ATOM has lost 23.8 percent of its value. It hit its seven-week low on 14 February, and it hasn’t been this low in seven weeks.
After it broke down from its bearish flag, the alt found a range between $25 and 32 while also making lower high points. Recently, the recent down-channel breakout turned back from the $30-resistance level as the bears started a big sell-off that has been more than 16% in three days. To make things even worse, at the same time, ATOM lost its oscillating range and turned the $25.5 mark from support to resistance. To keep prices from going down even more, bulls need to keep the $25.1-mark safe.
Right now, the price of ATOM was $25.61. It looked like the RSI was going to fall below the midline after the bears took over. The MACD, on the other hand, said that it was still bearish, even though its lines were going down. But the ADX showed that ATOM was going in the wrong direction.
Alt made a lot of money after rebounding from a one-year low on 22 January. It made a lot of money by rising above its 20-SMA.
However, since the 17 February drop, XLM has been oscillating below the middle of the Bollinger Bands (BB). Red is the color of the 20-SMA, which is what this mean (shown) was based on. The alt lost about 23% of its value when it fell below the $0.2464 level. Now, the bears would be able to test out the lower band of the BB right away.
At the moment, XLM was worth $0.1979. After the RSI checked out the 33-support level, it swayed below the midline. Any rise from its trendline support (white) would show that there is a hidden bullish divergence with the price. Even though the CMF was still below the zero line, it showed a strong rise.
CHZ had a 56.5 percent rise after it came back from a 10-month low on January 24. So, the price action hit the $0.242 level. During the time that the four-hour chart was on the screen, it saw a white, reversal pattern called a “rising wedge.”
In case the bears were going to turn around from there, they broke the $0.1857 mark. The bears’ first test point was the $0.17 mark. The near-term technical confirmed that people can sell. This is what the alt was worth at the time.
During the last three days, the RSI was in favor of the bears. It would also be hard for any bullish comebacks to get through the 20 EMA, which would be at the $0.19 level.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.