After a ripple effect of Bitcoin’s close above its 4-hour 20 EMA and 50 EMA, the broader market reacted by stalling major sell-offs. Chiliz, Harmony, and Loopring took off from their multi-month lows in the past three days. An inability to break the bonds of their immediate resistance would lead these altcoins to witness extended bearish movements.
Chiliz (CHZ)
Source: TradingView, CHZ/USDT
CHZ emulated its fellow alts and observed an upsetting trajectory over the last month. It recorded a nearly 50% downswing from its three-month high on 30 March. This devaluation led CHZ to give up its nine-week trendline support (now resistance) (white, dashed).
After rising from its two-month bottom on 1 May, CHZ chalked out an up-channel (yellow) on the 4-hour timeframe. With the EMA ribbons constricting all the recent bull runs, the bears projected a superior edge in the current scenario.
At press time, the CHZ was trading at $0.1844. The RSI resonated with price movements while aiming to find a close above the 50-mark. But with the weak readings on its ADX (red), CHZ unveiled a rather weak directional trend.
Harmony (ONE)
Source: TradingView, ONE/USDT
The latest slump led ONE to shed over 46% (from 20 April) of its value until it touched its nine-month low on 1 May. The revival rally from this point formed a bearish pennant on the 4-hour timeframe.
Since breaking out from its previous down-channel, the bulls could not sustain a rally beyond the $0.13-level. Since then, ONE lost its vital $0.08-mark support as sellers flipped it to resistance. Now, the $0.07-mark is vital for bulls to defend to prevent further fallout.
At press time, the alt was trading at $0.8339. The RSI wobbled near its equilibrium area while taking on a neutral stance. Additionally, MACD reaffirmed the bearish influence while its lines were yet to cross the zero-mark despite undertaking a bullish crossover.
Loopring (LRC)
Source: TradingView, LRC/USDT
After an unrestrained breakout rally in November, LRC entered into price discovery and struck its ATH at $3.85 on 10 November.
Since then, the price fell firmly to find a compression range between the $1.3 and $0.66-base. The token lost nearly 52.5% of its value in the previous bear run and bounced back from its long-term base. Now, the $0.7 resistance could make-or-break LRC’s near-term trend.
At press time, LRC traded at $0.7435. Like its fellow alts, LRC’s RSI saw a solid recovery but struggled to find a compelling close above the midline. The DMI lines were also yet to take a convincing bullish crossover and thus rode along with the neutral narrative.
