Following in the footsteps of Bitcoin and Ethereum, several altcoins bled. The likes of Solana, Avalanche and Terra recorded heavy declines on their respective charts over the last 24 hours. Solana revisited its one-week low prices while Avalanche’s uptrend broke as the coin depreciated by 14.2%. Lastly, Terra could trade near its one-week low prices and then rest on its month low price mark.
Solana (SOL)
SOL/USD, TradingView
Solana’s price declined by a substantial 13.7% over the last 24 hours. The coin was trading at $138.91. At this price, SOL was trading at its one-week low. Nearest support line for Solana was at $125.95, the other price floor was at $93.20.
On the four-hour chart, the price of SOL was below the 20-SMA line; that indicated momentum was with the sellers. The Relative Strength Index was below the 40-mark, highlighting selling pressure. Red signal bars were seen on Awesome Oscillator. MACD also flashed red bars on the histogram.
On the flip-side, SOL may attempt to retest the $163.74 price ceiling. Additional price resistances were at $188.53 and $214.03 respectively.
Avalanche (AVAX)
AVAX/USD, TradingView
Avalanche dipped 14.2% since the past day and was available for $61.86. AVAX broke its uptrend as it met with a sell off in the last 24 hours. Price of the altcoin was below the four-hour 20-SMA which suggested that price momentum belonged with the sellers.
Immediate support line for the altcoin was at $55.40 and then at its one week low of $48.26. MACD flashed red bars on the histogram. Relative Strength Index was below the half-line, inside the bearish zone.
Parabolic SAR displayed dotted lines above the candlesticks denoting a downtrend. In the event of prices recovering, AVAX may encounter resistance at $64.80 and then at $73.83.
Terra (LUNA)
LUNA/USD, TradingView
LUNA plummeted 16.2% over the last 24 hours. The token was priced at $29.83. Support levels were at one-week low price of $25.93 and then at one-month low of $19.16.
Parameters all indicated bearish price action. Relative Strength Index was in the oversold zone near the 20-mark. MACD displayed red bars on the histogram.
Bollinger Bands highlighted chances of price volatility as it displayed divergence. In case of a price reversal, the first price ceiling that LUNA would encounter stood at $32.89. The other resistance lines stood at $38.27 and $43.46 respectively.
