Bitcoin dipped briefly beneath the $39k mark however was fast to reverse on Monday and the trapped quick positions fueled its bounce previous $40k. This meant that the altcoin market additionally noticed some short-term respite, regardless that the near-term outlook of many cash remained bearish. Tezos and Ethereum Traditional appeared to have a powerful zone of resistance to the north.
The Quantity Profile Seen Vary software confirmed that the previous two weeks of buying and selling have been largely concentrated inside the $3.02-$3.24 space. the place the Worth Space Lows and Worth Space Highs lie respectively. On the identical time, the OBV was additionally shifting sideways, to point that neither consumers nor sellers have been dominant total. The Level of Management was at $3.15, and XTZ was buying and selling beneath all of those essential ranges.
Though the RSI climbed above impartial 50 to sign a shift in momentum away from the bearish facet, the market construction remained bearish. The OBV was additionally plumbing new depths. This urged that, except XTZ can climb above $3.05, extra draw back stays possible.
Ethereum Traditional (ETC)
Based mostly on the transfer from $26.52 to $52.7 in March, a set of Fibonacci retracement ranges (yellow) was plotted. They confirmed that, regardless of the robust downtrend of ETC previously two weeks, a bounce could possibly be witnessed from the $32-$34 space.
In what seems to be to be a hunt for liquidity, ETC dipped beneath $32 to set off quick entries, earlier than climbing again above the $33.5 stage to lure the bears. To again this speculation of a shift in momentum, the RSI stood at 58 whereas the MACD shaped a purchase sign.
Warning continues to be advisable, because the $34.3 and $35 ranges are robust resistances that might rebuff the bulls.
NEAR Protocol (NEAR)
NEAR shaped a spread from $15.1 to $17.55, however previously couple of days, the worth fell decisively beneath the $15 zone. Furthermore, this vary was largely a longer-term band of resistance for the worth based mostly on Fibonacci retracement ranges (yellow). These ranges have been plotted based mostly on NEAR’s down transfer from $20.6 to $7.38 in January.
Therefore, the longer-term outlook has shifted bearish as NEAR confronted rejection on the $17 space, and the short-term bias can also be bearish based mostly on simply the worth motion. Nevertheless, the hourly indicators mirrored some bullishness from the bounce from $13.5.
The Superior Oscillator climbed above the zero line, whereas the CMF additionally confirmed that there was a great quantity of shopping for stress behind NEAR.