Cryptocurrency

Avalanche, Algorand, and NEAR Protocol Price Analysis: 19 May

The Chair of the Federal Reserve of the United States Jerome Powell said that the Federal Reserve would preserve mountaineering charges as a way to tame inflation. This may proceed into June and July, which may have a bearish influence on the inventory markets within the coming weeks.

Crypto is a risk-on asset, and may additionally face heightened promoting strain. Avalanche and Algorand continued to register losses on the worth charts. The NEAR token additionally slipped beneath a major degree on 18 May.

Avalanche (AVAX)

Source: AVAX/USDT on TradingView

AVAX fashioned a symmetrical triangle (white) over the previous week and lastly broke beneath the $33 degree and into the $30 demand zone (pink). In the subsequent few hours, there’s a good probability that AVAX would proceed to shed worth.

The RSI dropped into the oversold territory on the hourly chart however managed to climb again up prior to now few hours to point out a worth of 33.9. However, the momentum continues to favor the bears, whereas there may be additionally a bearish market construction as a consequence of AVAX registering a brand new decrease low.

The A/D indicator was additionally in a gradual downtrend to point out the sturdy promoting quantity behind the decline of AVAX. The $26 and $24 ranges may very well be revisited quickly.

Algorand (ALGO)

Avalanche, Algorand, NEAR Protocol Price Analysis: 19 May

Source: ALGO/USDT on TradingView

The Fibonacci retracement ranges (yellow) confirmed ALGO to be unable to climb previous the 50% retracement degree of a drop to $0.35 earlier this month. In the previous few days, the worth has oscillated from $0.5 to $0.428, establishing one thing akin to a variety.

Alongside this ranging value motion, the Awesome Oscillator additionally confirmed no actual momentum behind ALGO. However, this modified prior to now few hours because the AO dropped strongly beneath the zero line.

The OBV clung to a short-term help degree however a drop under this line on the OBV may sign additional losses for ALGO.

NEAR Protocol (NEAR)

Avalanche, Algorand, NEAR Protocol Price Analysis: 19 May

Source: NEAR/USDT on TradingView

NEAR has a zone of provide within the $7.5-$8 space (pink field) which was an space the worth reacted very bearishly prior to now week. The $5.5, $6, and $6.67 ranges are prone to be necessary within the subsequent day or two.

The value broke beneath the $6 degree and gave the impression to be retesting it as resistance at press time. Even if NEAR can climb previous $6, there are not any actual shopping for alternatives for the risk-averse dealer.

The strongly declining OBV and the bearish technical construction pointed to shorting alternatives within the $6-$6.5 space.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button