Cardano witnessed a golden cross as the 4hr 20SMA moved beyond the 50-200 Simple Moving Average amid upward channel oscillation. Meanwhile, NEO and Elrond registered steady ascending channel gains within the past fourteen days but now created bearish divergences with RSI, awaiting a short-term setback.
Cardano (ADA)
ADA lost 44.2% since January 18, poking nine-month lows on January 22. Nevertheless, the alt experienced a 32.2% recovery, piercing through $1.14 and $1.2. The upward channel’s half-line assumed massive support since then.
Market players should beware that 20SMA jumped pat the 50/200 Simple Moving Average on February 9, confirming a bullish edge. Now, the closest resistance stands around $1.2, followed by the upward channel’s top trend-line.
At this publication, ADA changed hands at $1.176. However, the past 48 hours experienced a significant drop in buying momentum as the Relative Strength Index swayed to the half-line from the overbought area. However, bulls appeared to keep the midline support. A close under this mark would trigger a decline to $1.12.
Elrond (EGLD)
EGLD suffered steep declines after hitting its all-time high on November 23. The bearish trend-line on the 4hr chart confirmed the downtrend. However, the latest sell-off saw bulls joining at $118.2, keeping a 6-month-long foothold.
With that, the recovery period revealed a lucrative 76.9% surge for 5-month lows on January 22, poking past $185. The upward stance also breached an 11-week trend-line.
While writing this blog, Elrond traded at $183.9. The Relative Strength Index correlated the price function, heading into the overbought zone on February 7. Moreover, the Squeeze Momentum Reversal flashes black dots, confirming low volatility.
NEO
Neo incurred several sell-offs since hitting a 3-month peak on September 6, losing critical price levels. The latest sell-off triggered a 37% fall from January 19 as the token touched a 1-year low on January 24.
Nevertheless, bulls protected the $16.4 mark, supporting the 58% ROI to challenge the resistance at $24. The closest support stood around the up channel’s midline.
While publishing this blog, NEO traded nearly 87.5% beneath its all-time peak. The Relative Strength index remained within the overbought area as it forms bearish divergences with NEO price. The indicator might see a reversal here to test the 56-level.
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