A short-term price analysis of industry's favorite giants! Will the trend continue or is there a ray of hope? Let's find out!
Last week the market found a short-term relief and bounced to form a higher high. This week's price action is now looking to confirm levels of support.
In this technical analysis, we will use multiple technical indicators to analyze the possible price movement of BTC, ETH, NEAR, SOL, LUNA, and AVAX in the 4-hour time frame.
BTC/USDT
Using the logarithmic chart to keep things clean and simple.
Looking at the 4-hour time frame, we get a clearer perspective of the daily price movements. In the short term, bears are in control. But how long will this continue?
We can see that the price action is currently testing April's low and looking to confirm support. After printing this month's high, the price has continued to set lower lows. If Bitcoin loses this level, the next crucial level of support is at $37,000.
A 4-hour close below $39,200 is not a good sign. It indicates a continuity of lower lows. However, a 4hour above $40,200 will give the bulls some fresh air and set up the price action for a push towards our area of interest.
ETH/USDT
Sticking to the logarithmic chart to keep things nice and tight.
The 4-hour time frame is showing us that in the short term, bears are in control. We can see lower lows continuing to form and price action retesting its previous breakout resistance for support. Wil the April's low hold?
Looking at the left side of the chart, we can see that the current level was a resistance previously before setting a higher high. A flip of resistance to support at this level would be a strong indicator that we will revisit our area of interest. Since the double topping in early April, ETH has continued to print lower lows. A loss of April's low would send ETH towards $2,800.
A 4-hour close below $2,970 is a sign that we will continue to see price action to sell-off. However, a 4-hour break above $3,050 would set the price in favor of the bulls.
NEAR/USDT
You guessed it! We are still sticking with the logarithmic chart.
Looking at the 4-hour time frame, we can clearly see that the trend is in favor of the bulls. We can see higher highs forming up until the April high. Since then, the price has been consolidating, waiting for its next move.
Taking a closer look at the most recent price action, we can see that the price is ranging between $15 and $17. At this time, there are no clear signs to predict the next move. We can see lower highs and higher lows continuing to form. A loss of April's low would send NEAR towards $13.
A 4-hour close above $16.50 is a sign that the price will revisit our area of interest. However, a 4-hour close below $15.25 would lead to a new April low.
Want to learn more about NEAR? Check out “What Is Near Protocol (NEAR)?”
SOL/USDT
Looking at the 4-hour time frame, we can see the recent trend is in favor of the bears. Since April's high, we have been setting lower lows. SOL's price action has wider swings when compared to other major players.
Taking a closer look at our most recent price action, we can see that the price has struggled to close above $108 and hold its ground. Meanwhile $100 has been held as psychological support - but for how long? A loss of this level could send SOL towards the $85 zone.
A 4-hour close below $99 is a sign that we will see Solana continue to print lower lows. However, a 4-hour above $103 will put the bulls in a good position to regain some ground.
You may also want to check out “What Is Solana?”
LUNA/USDT
Let's take a look at one of the market's leaders in terms of price action growth, LUNA.
Looking at the 4-hour time frame, we can see the short-term trend is in favor of the bears. Lower lowers have led us to revisit our March low. LUNA is now sitting at its $75 support zone. A loss of this level could send the token towards $70.
Taking a closer look at our most recent price action, we can see the last time the price was at this level, bulls stepped in and pushed LUNA towards $100. Will bulls step in this time as well and send LUNA towards our area of interest?
A 4-hour above $80 gives LUNA a good start on a recovery to $100. However, a 4-hour close below the April low would lead to a sell-off towards $70.
You may also want to check out our guide on “What Is Terra (LUNA)? Features, Tokenomics and Price Prediction”
AVAX/USDT
Last but not least, let's take a look at everyone's favorite red coin - AVAX.
Looking at the 4-hour time frame, we can see the price action is similar to LUNA's - a steep sell-off with lower lowers. However, this time, the price is revisiting the April low, not the March one. $75 has been a strong support level in the past, but will it continue to hold?
Taking a closer look at our most recent price action, we can see that the last time the price was at this level, bears took a short-term control and pushed the price to its nearest support. A loss of this level could push AVAX towards the lower $70 area.
A 4-hour close above $77 will set AVAX to make a run towards our area of interest. However, a 4-hour close below the psychological level of $73 could allow the price to continue to print lower lows.
You may also want to check out “What is Avalanche (AVAX)? Features, Tokenomics and Road Map”
Summary of All the Charts to Keep It Simple
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
- Bitcoin psychological support has started to look weak.
- ETH bulls need to flip the switch to start a bull run.
- NEAR bulls continue to accumulate and wait for the next leg up.
- Solana's support level looks weak when compared to others.
- LUNA is finally cooling off after another parabolic run.
- AVAX continues to hold sturdy despite market conditions.
Something to look out for this week is a retest of April's low before continuing to move to the upside. This analysis is based on a 4-hour time frame. Hopefully, the next week’s charts will give bulls a better ray of hope on the market-cap giants!
Remember that this is all based on the subjective views of the writer. As always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
