Recently, hard sales have dominated both the global and the cryptocurrency market. The last day, the leading cryptocurrency Bitcoin fell to the level of $ 32,000. However, we also observed sharp drops in most of the altcoins.
In particular, the price of Ether, which is an important indicator for altcoins, diverges negatively relative to Bitcoin. Ether price, which is rapidly moving towards the green support level, is drawing a negative picture for altcoins. However, there is a coin that does not care much about the negative trend in the market.
Although ATOM was affected by the sharp declines in the market, it again experienced a rapid recovery. The general despair in altcoin charts is hardly visible in this coin’s chart.
When we examine its chart, we can see that the green average (50-day average) creates support. The price received support from the position of the average and again went on the attack. In other words, the deterioration in the uptrend we see in most coins has not yet come to this coin. Above, the blue level forms clear resistance. If there is a movement above the blue level and it can hold on it, movement can be seen.
Currently, the price is hovering close to the $45 peak. There is a possibility of an upward movement and exceeding the blue level. At a time when a whole market collapses, the price being close to the top and some rapid recovery add a distinctive feature. There is a separation from the rest of the market.
$BTC There is another bad scenario. If you want to hear it, I can share it. Do you feel ready? Shall we share? 😂 #BTC
— Furkan Bozkurt (@BzkrtFrkn) January 24, 2022
However, considering the current state of the market and even the global markets, it is important to be careful in opening a position. Because in this general trend, if a coin falls, we do not ask why it fell. However, if we observe a movement to the blue resistance level I mentioned here, a position test can be made according to how it reacts.
Also noteworthy is the double peak image on the chart. This construct is generally negative. If we observe a movement above the blue level, this double peak structure will be broken. So it turns positive. A coin to follow. I will continue to update my Telegram and Twitter account.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.