- Terra nears $50 as bulls appear ready for another discovery mode.
- Fantom rallies to new ATHs past $2 despite the overbought scenario.
Cryptocurrencies in the market seem to slow down after the remarkable upswings since Friday last week. For example, Bitcoin surged to near $56,000 before retracing to hover at $53,000. Also, Ethereum encountered rejection at $3,600. Moreover, failure to hold support at $3,500 might witness ETH closing its day at $3,400.
Meanwhile, some tokens maintain their uptrends despite others cooling. Terra and Fantom are among the cryptos with double-digit upticks today. Shiba Inu trims its recent gains extensively, indicating a pump & dump occasion. The Dogecoin competitor lost 26% in 24 hours to trade at $0.000022.
Terra appears to explore the supply territory in the red after an impressive rally that took the token to another ATH. As last week ended, the alternative asset corrected from around $50 to hover at $40 – the support created by the ascending trend-line and bolstered by the 50 SMA.
With the retracement to $40, LUNA attracted traders that wanted to take advantage of the dips to magnify their positions. That highlights the immediate recoil with the probability of cracking the $50 barrier and LUNA’s recovery mode.
However, the buy signals on the MACD support Terra’s upsurge. Moreover, the Relative Strength Index confirms massive bullish actions on the crypto. With that, LUNA seems ready to rise higher than plummeting to the support levels at $44, then $40.
Fantom continues with its positive mood as bulls explore new highs. FTM is at a 25% peak in 24 hours as its weekly gains stand at 80% (CoinGecko data). The impressive move had the crypto’s trading volume at $220 million, taking the 36th spot with a $5.4 billion market capitalization.
According to the short-term technical outlook, Fantom retains its bullish bias. However, the alt should secure strong support past $2 to prevent intolerable losses. Meanwhile, FTM lacks a specific resistance, translating to profits in somewhat all addresses.
Bullish investors should be cautious. That is because of the overbought RSI. The previous supply region in red might serve as support, but selling activities might drop FTM to $1.5.
Stay tuned for more updates.