Critical Levels Have Been Determined for LUNC, OP, AVAX and These 4 Coins!
Major altcoins, including Solana (SOL), Optimism (OP), The Sandbox (SAND), Cardano (ADA), and Ethereum (ETH), have experienced notable recoveries over the past 24 hours, ending a week of widespread declines. Price increase, Bitcoin This can be attributed to the strong performance of (BTC) above $42,000. Meanwhile, LUNC coin started to rise as a result of a burn. Here are the details…
A closer look at altcoin performances
- Solana (LEFT): After falling as low as $79 on January 23, SOL rebounded and reached $91.14 at the time of writing, marking a 4.62% increase, according to analyst Victor Olanrewaju. Technical indicators suggest further potential for growth; The bulls are targeting $100 if they can push the price above the $94.56 barrier.
- Optimism (OP): OP, which is closely related to ETH, reached $3.05, reflecting the bullish move. The 4-hour chart shows a potential break above the $3.15 resistance and near-term bullish potential towards $3.50.
- Sandbox (SAND): Despite a recent decline, SAND has shown signs of recovery with the Awesome Oscillator indicating that the bullish momentum may continue. However, buying pressure needs to intensify for SAND to break the $0.45 barrier and reach the $0.50 target.
- Cardano (ADA): ADA, which bounced from the descending channels, signaled a potential shift in favor of the bulls. If they maintain their strength, ADA could climb to $0.50. However, conflicting signals from the RSI and Chaikin Money Flow point to a potential struggle, with $0.46 serving as an immediate support level.
- Ethereum (ETH): Even though ETH has yet to surpass the 20 EMA ($2,254) or the 50 EMA ($2,314), the bulls are expected to defend against a decline below $2,250. Regaining the support at $2,550 could trigger a rise towards $2,700.
The burning process for LUNC coin attracts attention
In addition to individual altcoin performances, the report also highlights the strong momentum behind Avalanche (AVAX) and touches on the ongoing saga of Terra Classic (LUNC):
- Avalanche (AVAX): After pulling back from yearly highs at $50, AVAX found support at the previous resistance zone at $30 and the 20-week EMA. The bullish pin bar candle formation and rising RSI point to a potential bounce targeting $41, with further potential to reach $55.
- Terra Classic (LUNC): The LUNC community remains committed to reaching its $1 goal and has made significant progress, burning more than one billion LUNC tokens within a seven-day window. Proponents emphasize that increased burns, staking, and a potential break above the neckline of the inverse double-bottom pattern will potentially push LUNC towards $0.01. However, doubts remain due to LUNC’s massive supply of 6.81 trillion tokens. The general approach of analysts is cautiously optimistic, suggesting that if Bitcoin continues its upward trend, the recent altcoin rally may continue. However, the future of LUNC remains a subject of intense debate within the crypto community.
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