With the Bitcoin price re-entering around $ 46,000, there are remarkable developments in the crypto money market. According to analyst Yash Majithia, “extreme fear” prevails in the market at the moment, with Cardano and Litecoin showing weakness in their short-term technical indicators.
NEAR price rallied impressively the other day and broke its all-time high price record on January 4th. On the other hand, according to the analyst, there was a bullish outlook as Chainlink's short-term SMA rose above the 50-200 SMA values.
The ADA price dropped 19.38% from its three-week high on December 27, and the bears tested the $1.31 level. Despite this, the bulls seem to have been able to turn this old resistance zone into support. According to the analyst, the closest resistance area for the altcoin could be near the Control Point and the 38.2% Fibonacci level.
At the time of this writing, the ADA price is trading at $1.31 after 3.28% decline in the last 24 hours. According to the analyst, the RSI indicator entered an uptrend (white) of bullish divergence with price action, but failed to hold above the midline. According to the analyst, there may be a hint of weak bullish action as the retracement volumes have been higher than the bullish volumes lately. Despite this, the ADX indicator pointed to a weak directional trend for the altcoin.
According to the analyst, the LTC price has been hovering between $143 and $167 for over a month. While the bulls have been defending the $143 support point for about 5 months, the bears have tested this point many times. Now, with the breakout from a descending channel formation, the closest resistance point for LTC may be the 50 SMA.
According to the analyst, the altcoin's price action moved within a descending channel (yellow) and tested the support at $17.7 approximately 7 times before forming a double floor. However, thanks to the recent rise, the altcoin gained 25.13% in four days. With this rise, LINK's 20 SMA surpassed the 50-200 SMA and gave a bullish outlook, according to the analyst. Now, the analyst states that the closest resistance point for the altcoin is located at $24.46. At the time of this writing, LINK is trading at $24.04. According to the analyst, the RSI indicator, which is approaching the overbought zone, is in an uptrend.
Near Protocol (NEAR)
Having broken out of its descending channel (yellow) in mid-December, NEAR displayed an impressive rally. The altcoin, which rose 113.21% as of December 20, broke its all-time high price record with $ 17.38 on January 4. According to the analyst, if there is a drop in NEAR price, $14.9 to $15.4 could act as a support.