The broad market sentiment drifting into the fear region had Solana, MANA, and Tezos revealing oversold conditions on the respective four-hour charts. That way, the alternative coins surrendered critical support zones, flipping them to closest resistances.
Solana (SOL)
Solana recorded an almost 44% drop since January 20, touching 5-month lows on January 24. The alt saw a more than 50% uptick since then, heading towards the resistance of $120. That phase saw Solana forming an upward channel on the 4hr chart.
However, the following reaction had SOL falling to test the 50 exponential moving average before flipping $92 into the closest resistance zone. Nevertheless, bulls kept the $83 foothold for more than five months. Therefore, further retracements would secure testing points around this mark.
While publishing this content, Solana hovered near $86.39. The bearish Relative Strength Indicator tested the resistance at $43 many times after losing midline support. However, the indicator struggled to highlight revival signals. The RSI seems ready to retest the oversold region before picking it up. Also, the –DI appeared north, authorizing the short-term bearish pressure for the alt.
Tezos (XTZ)
Also read:Bulls dominated after XTZ plummeted towards $2.7, translating to a bounce back. That had the alt overcoming critical price levels. The alt saw an 81.2% ROI from 6-month lows on January 24m while printing an ascending channel. With that, XTZ tested $4.5 on February 10. After that, the broad sell-off triggered the upward channel breakdown, Tezos losing $3.4 level (nearest resistance). More declines would discover a floor around $3.2.
While publishing this content, Tezos traded at $3.424. Meanwhile, the past four days had the RSI on a 27-point decline from the midline, testing the overbought area multiple times. The indicator could not show revival signs still. Meanwhile, the Awesome Oscillator confirmed the bearish strength through lower highs. Nevertheless, the on-balance volume kept the support that controlled upswings in the past. That shows buyers had some control.
Decentraland (MANA)
MANA witnessed a whopping 107.4% ROI to February 9. That came after the alt hit 11-week lows on January 22. Then, the metaverse token saw an upward channel breakdown, testing the $2.7 level.
Since then, MANA saw recoveries following a short-term demand territory. Nevertheless, the alt saw a 21.2% drop over the past four days. Moreover, the 20SMA and 50SMA seem ready for a bearish cross. Now, a decisive close under the demand region might trigger more fallout.
At this publication, MANA wavered beneath the 20-50-200 Simple Moving Average of $2.71. As a result, the RSI neared the oversold territory. A close beneath the 30-level might highlight trend reversals.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.