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Solana, Loopring, ApeCoin Price Analysis: 24 March

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Solana, Loopring, ApeCoin Price Analysis: 24 March

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Solana broke above the $90 level and showed some near-term bullish strength as it headed into a bearish order block in the $95 region. Loopring saw enormous demand the previous day, and the large buying volume drove the price to test a significant resistance level at $1.23. ApeCoin has a bullish market structure as well.

Solana (SOL)

Source: SOL/USDT on TradingView

In late February and early March, the $94.5-$96 area (red box) had seen a bearish order block established. At the time of writing, the price had once more pushed into this region. Whether SOL can push higher or will see a rejection, a pullback and another attempt to scale these local highs remain to be seen.

The RSI stood at 59.85 and a bearish divergence between price and momentum wasn’t present on the hourly chart, although a possible divergence was developing on the 4-hour chart. This could see SOL retrace toward $88-$90. The DMI showed a strong uptrend in progress, hence any pullback could be a buying opportunity at the Fibonacci retracement levels (yellow).

Loopring (LRC)

Solana, Loopring, ApeCoin Price Analysis: 24 March

Source: LRC/USDT on TradingView

The previous day saw LRC rejected at the $1.23 level. On a higher timeframe, the $1.23 level had been the prevailing downtrend’s latest lower high. Hence, this pump to the $1.23 level can be seen as an attempt to break the longer-term market structure- an attempt that has not yet succeeded.

To the south, the $0.92 area (cyan box) could serve as a demand zone. It also has confluence from a set of Fibonacci retracement levels (yellow). The Awesome Oscillator was above the zero line but inching lower, while the CMF fell below -0.05. Hence, a move toward the $0.92 area looked likely.

However, the heavy buying volume on the recent pump indicated bulls could make yet another attempt to breach resistance.

ApeCoin (APE)

Solana, Loopring, ApeCoin Price Analysis: 24 March

Source: APE/USDT on TradingView

As highlighted on the chart, APE has been showing bullish signs in the past couple of days. The $11 and $11.94 levels of near-term resistance were broken and flipped to demand zones, and the $13 level has also been flipped to support in recent hours.

The RSI continued to show strong bullish momentum, although a bearish divergence could develop as the price pushes higher. The OBV showed healthy buying volume.

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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