As the broader market witnessed a 24-hour plunge, Litecoin lost the $105-level and depicted oversold readings on its 4-hour RSI. Furthermore, SAND’s decline found a floor at the $2.8-mark before showing some recovery signals. Also, Tron saw a bullish divergence with its RSI while the 38.2% Fibonacci resistance stood sturdy.

Litecoin (LTC)

Source: TradingView, LTC/USDT

LTC’s previous 47.9% rally from its 13-month low halted near the 23.6% Fibonacci resistance. As a result, it reversed and lost over 28% of its value to date. 

The alt witnessed a down-channel (white) on its 4-hour chart. As a result, the bears flipped the vital $105-mark from support to resistance. During this phase, the 20 EMA (red) stood as strong resistance while LTC broke down of the channel. Any bullish comebacks find a testing point near the $105-mark.

At press time, LTC was trading at $102.7. The RSI still hovered near the oversold region. A sustained close above this level would brace it for a 39-mark retest. The AO reaffirmed the bearish vigor after multiple bearish engulfing candlesticks over the last day.

Tron (TRX)

Source: TradingView, TRX/USDT

TRX witnessed a substantial 30% drop from (20 January) and touched its six-month low mark on 24 January. Since then, the alt recovered in an ascending channel (yellow) on its 4-hour chart.

It registered a nearly 40% gain to retest the 61.8% Fibonacci resistance on 10 February. Since testing this level, it saw a pullback while breaking out of the pattern. Since then, the bears breached the $0.06-mark while the alt saw a down-channel (white). Any close above the $0.06-level could propel a retest of the upper trendline of the down-channel.

At press time, TRX traded at $0.06035. The RSI moved sideways in the last five days while the price action steeply declined. Thus, forming a hidden bullish divergence. A close above 39-resistance would be crucial for a strong recovery phase.

The Sandbox (SAND)

Source: TradingView, SAND/USDT

The alt saw an over 90% ROI from its two-month low on 22 January until the $4.8-level. The rally after the up-channel breakdown could not breach this mark as the bears stepped in.

Since then, SAND has tested its three-week trendline support (yellow) until breaching it on 13 February. It flipped the $3.5-level from support to immediate resistance. The immediate testing point for the bulls stood near the 20 EMA (red). 

At press time, SAND was trading at $3.0433. The RSI steeply dropped toward the 25-mark. The recent revival snapped its trendline resistance and eyed to challenge the 38-mark. With the gap between DMI lines decreasing, the bullish revival hopes in the near term were still alive.



Source link Google News

Please enter CoinGecko Free Api Key to get this plugin works.
Skip to content