Tag: Solana (Sol) Price

Crypto Price Analysis Jan-14: Ethereum, Solana, Cardano, Ripple, and Polkadot

by CryptoPotato

This week, we take a closer look at Ethereum, Solana, Cardano, Ripple, and Polkadot.

cryptopost_friday

Ethereum (ETH)

As expected, this past week, ETH has finally found support, seemingly putting a stop to the downtrend that started in November. The price managed to hold well above the $3,000 support level but is yet to recover in full, registering a 4.6% loss in the past seven days.

Should the current relief rally continue, then ETH has a good chance to retest the key resistance at $3,600, which will likely put up a strong fight. The current price action shows that traders have taken profit at around $3,300 after entering at the key support, where the market now seems to consolidate.

Looking ahead, ETH appears well-positioned to continue its climb towards the key resistance. On the way there, buyers will need to show tremendous strength to break through the downtrend that started in November.

ETHUSD_2022-01-14_11-11-09
Chart by TradingView

Solana (SOL)

SOL’s downtrend was stopped by the $130 support level. The sellers were unable to push the cryptocurrency lower, and the price has since bounced back up, moving fast towards $150, where SOL is currently facing some resistance. Overall, it lost 3% of its valuation in the past seven days.

If the cryptocurrency is able to move above $150, then the next key resistance is found at $170, and it’s likely to be a much more difficult level to break. However, since the price found support at $130, the volume and interest in SOL have increased, giving it a good momentum upwards.

Looking ahead, if SOL is unable to break above the $150 level, then it will likely consolidate above the key support until sufficient momentum comes back to push the price towards a breakout.

SOLUSDT_2022-01-14_11-22-13
Chart by TradingView

Cardano (ADA)

Despite ADA showing a lot of resilience at the $1.2 support level, the bears eventually managed to push it lower to $1.1 this past week. Since then, the bulls stopped the selloff and put ADA back above $1.2. After this back and forth action, ADA registered almost no change in price compared to seven days ago.

Even if bulls are in control of the current price action, the overall trend for ADA remains bearish at the time of this writing. This latest decline has made a new lower low, and until ADA makes a higher high or a high low, it is unlikely that the bulls can reverse the downtrend.

ADA also has a key resistance at $1.5, which is quite a distance away from the current price. Therefore, buyers have to step up if the cryptocurrency is to break away from its current trend.

ADAUSDT_2022-01-14_11-32-32
Chart by TradingView

Ripple (XRP)

XRP found its support this past week at $0.70 and has since moved higher towards $0.80, where it was rejected by the bears. Similar to ADA, the price today is very close to where it was seven days ago. Therefore, XRP managed to recover from the most recent low and appears keen to move higher.

The most significant resistance right now sits at $0.85, and XRP has to break the downtrend started in November to be able to move higher. A break of the key resistance would secure that.

Moreover, the buyers have some good news since the daily MACD did a bullish crossover today. This gives hope to XRP that a bullish momentum can form in the next few days. However, the key resistance remains a challenging level to break at this time.

XRPUSDT_2022-01-14_11-39-09
Chart by TradingView

Polkadot (DOT)

DOT remains stuck in a very large range between the key support at $24 and the resistance at $32. The price bounced twice from the support, most recently this past Tuesday and DOT registered almost no change in its price compared to seven days ago – very similar to XRP and ADA.

The current bias for DOT can be interpreted as slightly positive because the daily MACD has crossed on the bullish side on Wednesday while the RSI is signaling a bullish divergence. These elements bring confidence that DOT may attempt a rally to the key resistance in the coming week.

It is too early to tell if DOT will be able to break the key resistance at $32, and the last time this was attempted, the price was sharply pushed back. Until a breakout takes place, the cryptocurrency will continue to move within the existing price range.

DOTUSDT_2022-01-14_11-47-07
Chart by TradingView

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Crypto Price Analysis Jan-7: Ethereum, Binance Coin, Cardano, Solana, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

Throughout the past seven days, we saw a crash in the crypto market and ETH was no exception, falling over 14.6% in the period. After a brief attempt earlier this week to push towards $4,000, the price quickly turned on Wednesday, breaking below the $3,600 support, which is now a resistance. The downtrend did not fade today and continued with ETH falling under $3,300.

At the time of this post, ETH looks very weak, and a test of the $3,000 support appears likely before any significant bounce can be expected. The market, as well as ETH, is now in oversold territory. Therefore, a relief rally is likely in the near future once bears decide to let go of the current assault.

ETH may recover in the coming week if the selling pressure fades. However, for the downtrend to end, it needs to break above $3,600, which appears quite unlikely considering current market conditions.

Chart by TradingView

Binance Coin (BNB)

BNB was not spared this week and fell under $500, with the price now on a path towards the $420 support level. Overall, the cryptocurrency closed the past seven days with a 13.8% loss in price, similar to ETH.

The support level has a good chance to stop the current downtrend. Should a relief rally start after that, then BNB has resistance at $520. It is very difficult to expect a bounce right now.

The daily RSI is already in the oversold territory, and this shows that the selling pressure might have reached a climax. With the weekend approaching, which usually has lower volume, BNB may take a pause before making its next step.

Chart by TradingView

Cardano (ADA)

ADA has shown resilience during the assault from bears in the past three days, managing to successfully defend the $1.2 support level every day. For this reason, it has fared better than ETH or BNB, with a 10.4% loss in price in the past seven days. The critical support continues to hold well, despite the bearish market.

Buyers seem very interested in ADA at this price level, and the chart shows it. However, each time the support level is tested, the risk of it breaking increases. It would be quite impressive if ADA manages to hold here. If a relief rally starts, then ADA has resistance at $1.5.

Looking ahead, ADA remains in a range between $1.2 and $1.5.

Chart by TradingView

Solana (SOL)

After SOL got rejected at the $200 resistance level, the price has entered a severe correction, falling almost 20% in the past seven days. The current support for SOL is found at $128 and $116, which should provide a break in the downtrend.

Moreover, the daily RSI has reached the oversold territory showing that the bulk of this correction might be behind us. Nevertheless, the daily MACD remains bearish, and the volume increased as the correction progressed which is a another strong bearish signal.

The current resistance can be found at $148 and is unlikely to be tested until SOL stops the current downtrend.

Chart by TradingView

Luna

When Luna reached $100, the market participants were euphoric. However, the price action since then has been nothing but a disappointment, with the cryptocurrency dropping to $70 at the time of this post after losing 17% of its valuation in the past seven days.

The key support at $70 seems to hold for now, but Luna broke below the key level at $78, which is now acting as resistance. It had to maintain a price above $78 to keep the uptrend momentum intact. This has been lost now.

For this reason, the short to medium-term bias is now bearish, and if the downtrend continues, then the price might even visit $50. Both the MACD and RSI are quickly falling to lower levels on the daily timeframe without any sign of a reversal at the time of this post.

Chart by TradingView

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Crypto Price Analysis Dec-31: Ethereum, Cardano, Ripple, Solana, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Cardano, Ripple, Solana, and Luna.

img2_cryptopost

Ethereum (ETH)

On Tuesday, Ethereum fell below $4,000 (level acting as resistance right now) after it could not sustain its rally from the previous week. The price made a lower low and closed the past seven days in red with an 8% loss.

The current price action has formed a large descending wedge (in blue) which is a bullish formation as long as the price can manage to break above it after the correction is completed. This possibility is also confirmed by the MACD histogram that on the daily timeframe has been making higher lows, suggesting a bullish divergence is materializing as the price is moving within the wedge limits.

Looking ahead, it is unlikely for ETH to leave the wedge any time soon and if the correction continues, the cryptocurrency may even reach $3,300 before a potential breakout. The current support at $3,600 has held well so far, but the price has been making lower lows and lower highs, indicating a bearish trend. If ETH can close a daily candle above the wedge, then it has a good chance to return on the uptrend.

Chart by TradingView

Cardano (ADA)

ADA failed to move above $1.5 which is currently acting as resistance after a sustained rally from the $1.2 support level. This most recent rejection led to a loss of 8.6% in the past seven days.

The biggest challenge for ADA is to move back above the trendline that has been held since March 2020 and was lost on December 9th. ADA tried to get back above this key trendline on three occasions, but each time it got rejected – most recently on Tuesday.

ADA is currently in a downtrend and may retest the key support level in the coming week. Its volume shows the interest is high and until a breakout takes place, the price is likely to be stuck in a range between $1.5 and $1.2.

Chart by TradingView

Ripple (XRP)

XRP had a tough week after being rejected by the $1 resistance level. This caused it to lose most of the gains made in the previous week, closing the last seven days in red with a 15.6% loss in price. The current support is found at $0.75 and should provide a good defense zone for buyers.

Due to the decline, the indicators have turned bearish with the daily MACD completing a bearish cross today and the RSI falling under 50 points. Nevertheless, the RSI managed to complete a higher low, despite the correction. Therefore, the bulls have a good chance to reverse the downtrend soon and attempt another attempt towards the $1 resistance.

Looking ahead, if XRP can stop the downtrend in the coming week, then buyers may come back to propel the price towards the key resistance which so far has proven quite challenging.

Chart by TradingView

Solana (SOL)

SOL’s rally came to an end on Tuesday when the overall market turned around. The price fell below the ascending wedge in blue (which was a bearish formation) and stopped on the $170 support, thus losing 7.9% in the past seven days.

The cryptocurrency failed to sustain its rally from the previous week and the resistance at $205 proved too difficult to break on a first attempt. The price is currently consolidating just above the current support level and if SOL can stop the downtrend here, then it has a good chance to recover next week.

If buyers return to SOL, then it may attempt a new break of the key resistance at $205. Until then, its price is likely to remain in a range between $205 and $170.

Chart by TradingView

Luna

After setting an all-time high last week at just over $100, Luna entered a correction and closed the last seven days in red with a 4.9% decline.

The current support for Luna is found at $78 and the price is likely to retest this area before any hope of a renewed uptrend. The resistance at $100 proved to be too hard to break as sellers took profit at this key psychological level.

Looking ahead, Luna’s indicators on a daily timeframe turned bearish after the rejection at the key resistance. For this reason, the price correction may take some time to complete, despite the bullish fundamentals behind the Terra – Luna ecosystem.

Chart by TradingView


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Solana Price Analysis: SOL’s Forming a Rising Wedge, Which Could Be Worrying for the Bulls

by CryptoPotato

SOL is heading towards the $200 key resistance level. A successful breakout, and retest as support, might likely lead the Solana native cryptocurrency for another shot for its next major resistance level around the ATH.

Key Support levels: $187

Key Resistance level: $200, $205

SOL has found a solid horizontal support line amid the $187 level and is currently eyeing the $200 key resistance level.

On the other hand, the SOL price had formed an ascending wedge which is a textbook bearish formation, so best to be cautious around current price levels as a short pullback becomes possible upon breaking down the wedge pattern.

Chart by TradingView

Technical Indicators

Trading Volume: Sustained volume has continued to push SOL higher and there is no weakness yet. This is good news for the bulls.

RSI: The RSI on the daily timeframe is marching upwards and recently crossed the 50 points mark. If it manages to reach over 58 points, this will signal a higher high which is is a clear bullish pattern.

MACD: The MACD on the daily timeframe is bullish with an expanding histogram and moving averages. This is exactly what one wants to witness in a bull trend.

Chart by TradingView

Bias

The current bias is bullish but best to watch out for the current resistance level at $200 and the rising wedge bearish pattern.

Short-Term Prediction for SOL Price

SOL had seen great performance in the past week, moving across the resistance levels at a steady pace. The biggest challenge now is to break beyond $200 and create a solid base at this level. The bearish wedge requires caution as a pullback could take place before a further price increase.

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Crypto Price Analysis Dec-24: Ethereum, Ripple, Solana, Luna, and Avalanche

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Solana, Luna, and Avalanche.

Ethereum (ETH)

Ethereum has reclaimed the $4,000 level and appears ready to move higher towards the next key resistance at $4,400. The battle for the $4,000 level was intense, and it took almost a week until the buyer side prevailed. The price dropped to the former support at $3,700 several times, and the outlook on Monday was grim. But this quickly changed as the market turned back up. As such, ETH closed the past seven days in green with a decent 3.7% price increase.

The indicators have now turned bullish on the daily timeframe, particularly the MACD, which has crossed to the positive side on Wednesday. ETH looks likely to continue higher where it will be presented with its next challenge, the $4,400 resistance.

While the current price action calls for optimism, it is important to remember that the weekly timeframe remains bearish, and the current price action can be a short-term relief. Only if ETH moves beyond the current resistance will it be possible to hope for a test of the all-time high at $4 868.

Chart by TradingView

Ripple (XRP)

This week, XRP finally returned to the uptrend after consolidating for 14 days. The price moved higher fast and broke the $0.89 resistance, which has now turned into support. At the time of this post, XRP is just under the $1 resistance ending the past seven days with an excellent 20% price increase. The cryptocurrency also benefited from a good market environment, as discussed above on ETH.

Since $1 is a key psychological level, it is unlikely that XRP can break above on its first attempt. This seems to be the reason why today’s price action is shaky after being rejected at this key level. XRP will need to consolidate and sustain the recent gains before attempting another shot at this key level.

The cryptocurrency is losing a bit of momentum right now, as shown by the MACD histogram, which may make a lower high today. Nevertheless, a pullback would be normal in this context, and a further test of the $1 can be expected at any time.

Chart by TradingView

Solana (SOL)

SOL also had a good week, achieving a respectable 7.6% price increase in the past seven days. After it found support on the $150 level, the price rallied and is now sitting on the $188 support that used to act as resistance in the past.

If SOL can sustain the current rally, then the next key resistance is found at $205. Since both the MACD and RSI have turned bullish on the daily timeframe, it is likely that SOL can reach higher in the coming week. However, breaking above $200 appears difficult, so it’s wise to expect a lot of volatility as the market moves forward.

This last move higher was also on low volume, therefore, the confidence in the current price is lower. The bulls have to step up their game, and their first mission is to maintain a price above $188. If successful there, then a $200 valuation becomes probable for SOL.

Chart by TradingView

Luna

Luna has broken another record this week by achieving a three-digit valuation at $100. For this reason, it is one of the best performers in the market right now, with an explosive 56% increase in seven days.

This price action is also, in part, due to the fact that the Terra USD stablecoin will be listed on the Binance exchange on Christmas day. The Terra ecosystem adoption is spreading fast, which benefits Luna’s price. Somewhat ironic considering the listing news, the Terra network replaced Binance Smart Chains this week as the second largest network by total value locked, second only to Ethereum.

The critical level at $100 will likely act as a resistance, and Luna is becoming overextended with RSI at over 75 points on the daily timeframe. While the fundamentals are strong for Luna, it is very important to be vigilant during turbulent price action like now. The support level on the current chart is found at $77.

Chart by TradingView

Avalanche (AVAX)

AVAX’s price entered a very steep rally ever since testing the $77 support level and is now found on the $121 resistance level, thus ending the week with an excellent 25% price increase. If AVAX can sustain this rally further, then a test of the all-time high at $147 becomes likely.

However, there are a few warning signs that this rally may approach the end. The first is the lower highs on the MACD histogram (daily timeframe). Volume has also vanished as the price moved higher, and the RSI is curving down. Taken together, the indicators show a clear loss of momentum, and AVAX may enter a short correction soon if this does not change.

Looking ahead, AVAX has good support just above $100, and provided the overall market remains bullish, AVAX is well placed to continue to be a performer.

Chart by TradingView

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Solana Price Analysis: Downtrend Intensifies as SOL Fights to Stay Above $160

by CryptoPotato

Key Support levels: $166, $146

Key Resistance level: $187

SOL completed a bearish MACD cross on the weekly timeframe after the all-time high and this downtrend only intensified since. SOL has to keep its price above the key support at $166 if there is any hope to stop the current decline. If it fails, the price might fall lower in search of new support. The current resistance is at $187, where SOL was sharply rejected.

Chart by TradingView

Technical Indicators

Trading Volume: Volume has remained constant during this downtrend, and bears do not appear satisfied yet.

RSI: The RSI on daily is falling and has remained in the bearish zone (under 50 points). It seems likely to drop again, and the hope is that if it reaches overbought conditions, the bulls will bounce back.

MACD: The MACD on the daily timeframe did a bullish cross three days ago, but this now appears to reverse back down. The weekly MACD is firmly bearish and likely will stay so for a few weeks at least.

Chart by TradingView

Bias

The current bias is bearish considering the indicators.

Short-Term Prediction for SOL Price

SOL’s correction will most likely continue, and there may be at least one more Elliot wave down before a potential reversal. If the current support at $166 fails, then SOL has another chance to reverse the downtrend at $146.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Solana Price Analysis: SOL Struggle to Hold Above $170 as Bears Dominate Momentum

by CryptoPotato

Key Support levels: $166

Key Resistance level: $187

When we last visited SOL, the price was barely holding above the $187 support level. Since then, SOL broke below this crucial level which has now turned into resistance. The support is now found at $166 and appears to hold. However, the bears have been very aggressive, and a stop in the downtrend still appears unlikely in the near term.

Chart by TradingView

Technical Indicators

Trading Volume: Decreasing volume on this last drop in price. This may give a sign that bears are getting exhausted. However, it is too early to say, and bears continue to have the upper hand on price.

RSI: The daily RSI continues to go lower and has not reached the oversold area yet (currently at 37). In the past, SOL reversed the downtrend at 33 points.

MACD: MACD remains bearish on the daily timeframe. Due to this last drop in price, the MACD moving averages are expanding downwards. As such, bears continue to dominate the chart, and the bulls need to step up to stop this.

Chart by TradingView

Bias

The bias is bearish as long as Solana fails to stop the downtrend.

Short-Term Prediction for SOL Price

SOL’s poor performance continued this week. All attempts by the bulls to reverse this were just unsuccessful. The next important level to look at is $166.

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Opera and Solana Announce Partnership to Support dApps and a Wallet In the Browser

by CryptoPotato

Step aside, Brave, Opera Browser wants to become the king of Web 3 browsers.

In an official blog post on Friday, December 10, Opera announced a partnership with Solana Labs to add native support for the popular blockchain, allowing it to run a native Solana wallet along with all the dApps in the ecosystem.

Solana Goes To The Opera

The Opera team said on Twitter that the integration was expected to be ready by Q1 2022. By then, users should be able to enjoy all the benefits of the blockchain in desktop and mobile browsers without any restrictions

Opera’s interest in Solana is not surprising. Since at least 2018, the browser has been taking a targeted approach to cryptocurrency support, blockchain technology, and the so-called Web 3.

The news doesn’t seem to have excited the markets much. Opera’s stock closed Friday’s trading session at $7.24, down -4.36%, albeit a modest rise from the $6.96 it started the week at.

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Price of Opera Stocks. Image: Tradingview
Price of Opera Stocks. Image: Tradingview


For its part, Solana’s price trend did not react to the news, maintaining the bearish trajectory initiated in early November right after its ATH. SOL, Solana’s native token, closed the day at $166.97 for a 7.86% drop. At the time of writing, the price has corrected to $169.21, which is still almost 35% below its ATH and a 14% drop in weekly performance.

Price of Solana. Image: Tradingview
Price of Solana. Image: Tradingview


Opera vs Brave: The Battle For The Web3

Unlike Web 1, where users consume content provided by a website, and Web 2, where users interact through a centralized platform, in Web 3, there is no centralized entity controlling interactions, but rather the communication is done through technologies such as blockchain where data flows in a network with no single point of failure.

Some examples of Web 3 focused developments are Sapien, UjoMusic, Storj, Filecoin, Hive, and Minds.

Despite some controversies, Brave has been the undisputed king of the crypto-browsers for a while. The browser is even powered by its own blockchain, and its BAT token serves as the basis for an entire ecosystem that aims to rethink the business of advertising and content promotion, rewarding users for viewing ads, and allowing the community to reward quality content creators.

Opera, however, has taken a more pragmatic approach. They have not developed a cryptocurrency, nor do they want to create a new experience, but their browser has adapted to Web3 like no other. In addition to Solana, Opera has a native cryptocurrency wallet, support for Dapps, and other features geared towards blockchain adoption.

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Solana Price Analysis: SOL Holds Above Critical Support, is Reversal in Play?

by CryptoPotato

Key Support levels: $187, $170

Key Resistance level: $204

SOL managed to find good support on the $187 level, which may provide some hope when it comes to halting the downtrend. The current resistance sits at $204, and it may take longer for SOL to attempt to breach above it.

Ever since the cryptocurrency made the all-time high at $260, the price has charted lower lows and lower highs, putting SOL in a clear downtrend. Until this is reversed, the bears remain in control.

Chart by TradingView

Technical Indicators

Trading Volume: The volume peaked during the December 4th crash, and since then it has been decreasing every day as the price fell. This is a good sign for bulls as they may have an opening to take back control from bears.

RSI: The daily RSI continues to go lower. If bulls manage to stop the downtrend at the current support level, then the RSI can finally attempt a reversal. On the 4-hour timeframe, the RSI is making higher lows which gives hope to bulls.

MACD: MACD remains bearish on the daily timeframe. The moving averages are expanding, and the histogram is making lower lows. This is a bearish signal, and a reversal seems far away at this time.

Chart by TradingView

Bias

The bias is bearish as long as Solana fails to stop the downtrend.

Short-Term Prediction for SOL Price

Solana had a very poor month in November and a worse start in December with the crash. The price action is in a clear downtrend, and so far, all attempts to stop it failed. If SOL can hold above the key support at $187, then it might enter a consolidation which would flip the bias to neutral.

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Crypto Price Analysis Dec-3: Ethereum, Binance Coin, Cardano, Solana, and Luna

by CryptoPotato

Ethereum (ETH)

Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.

Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.

The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.

Chart by TradingView

Binance Coin (BNB)

After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.

As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.

Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.

Chart by TradingView

Cardano (ADA)

Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.

For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.

Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.

Chart by TradingView

Solana (SOL)

SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.

The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.

The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.

Chart by TradingView

Luna

The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.

With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.

Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.

Chart by TradingView

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Cryptocurrency charts by TradingView.





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Bitcoin (BTC) $ 43,278.60 1.10%
Ethereum (ETH) $ 2,351.92 5.36%
Litecoin (LTC) $ 73.90 1.87%
Bitcoin Cash (BCH) $ 246.34 0.49%