Bitcoin noted a brief plunge under the $39K level but responded with a swift revers on Monday before trapped short positions propelled the rebounds past the crucial $40K. That led to some respite in the altcoin market, though most cryptos retained bearishness on their short-term outlook. Ethereum Classic and Tezos seem to have a massive resistance to the upside.
Tezos (XTZ)
According to the Volume Profile Visible Range, XTZ concentrated most of its trading actions inside $3.02 – $3.23 over the previous two weeks. The zone represented the Value Area Lows ($3.02) and Value Area Highs ($3.24). The on-balance volume also moved sideways, indicating that neither sellers nor buyers were in overall market control. The Point of Control (POC) stood at $3.15, and Tezos traded below these crucial levels.
Though the Relative Strength Index rose past neutral 50 to show a momentum shift from the bearish zone, XTZ’s market structure remained pessimistic. The on-balance volume plumbed new depths. That showed potential declines unless the alt climbs past $3.05.
Ethereum Classic (ETC)
Experts plotted FIB retracement marks according to ETC’s move to $52.7 from the low of $26.52. The level shows Ethereum Classic could bounce from the $32 to $34 range regardless of the massive downward move.
Ethereum Classic plunged under $32 in what appeared to be a liquidity hunt, triggering short entries before trapping bears with a climb past $33.5. The Relative Strength Index stayed at 58 while the Moving Average Convergence divergence printed a buy sign, supporting the above view. However, the enthusiast should be careful as $34.3 to $35 means a massive resistance that may rebuff ETC bulls.
NEAR Protocol (NEAR)
Near Protocol created a range between $15.1 and $17.55. However, the price drops (over the past few days) saw the alt on a decisive move below the $15 mark. Furthermore, the range appeared like a long-term retracement band for NEAR (according to the FIB retracement areas). Analysts plotted the levels based on the alt drop to $7.38 from $20.6 in January.
Therefore, NEAR’s long-term picture switched bearish following a rejection at $17. Also, the price action revealed a bearish bias in the near term. Nevertheless, hourly indicators showed bullishness from the rebound at $13.5. The Awesome Oscillator surged beyond the zero line, whereas the Chaikin Money Flow displayed enough buying momentum behind Near Protocol.
