Wednesday, October 4, 2023
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Ethereum, Cardano, Solana, Chainlink, and NEAR Protocol

This week we’ll take a closer look at Ethereum, Cardano, Solana, Chainlink, and the NEAR Protocol.

Ethereum (ETH)

Ethereum had a good week, but prices were flat all the time. ETH has closed the last 7 days with a slight loss of 3.5%. The downward triangle (represented in blue in the graph below) remained intact and the cryptocurrency did not attempt to leave. The market is moving flat, showing a lot of indecision.

Current support is $ 1,700 and ETH has not tested this level since May 27th. The main resistance is $ 1,900, and breaks above that will probably lead to a rescue rally. Until then, the best we can expect is that the price will move inside the triangle.

In the future, Ethereum will soon reach the pinnacle of this formation, and prices will have to be decided in some way. The indicator also emits a mixed signal.

Chart by TradingView

Cardano (ADA)

ADA has worked well in the last 7 days and recorded a 4% increase at the time of this post. However, after a significant rise, price behavior shows signs of progress in correction. Pullback seems to be a more likely scenario, as cryptocurrencies were rejected twice with a $ 0.65 key resistance.

The main support levels are $ 0.55 and $ 0.50. When ADA last tested $ 0.55, ADA used it as a pivot to raise that level even higher. It is important that cryptocurrencies do not lose this level if they want to maintain bullish momentum over a longer time frame.

In the future, ADA may make short corrections. Once there, the bull begins to gain momentum and can be turned away into support the next time he tests key resistance.

Chart by TradingView

Solana (SOL)

Despite being stuck in the downward triangle, Solana shows signs of hope that it can break on this formation. This integration also reduced the volatility period, with prices recording only a 4.1% loss compared to 7 days ago.

If Solana exceeds this triangle, it could rise above $ 44. The daily MACD is bullish and the RSI is rising highs and lows. This is encouraging, but SOL needs to try a breakout to bring the buyer back.

Key support is $ 37, and even if a breakout attempt fails, Solana must do its best to protect this level in the future. If you lose this key level, SOL will be modified even deeper.

Chart by TradingView

Chain link (LINK)

Chainlink, the best performer on this week’s list, has achieved a 23.4% recovery in the last seven days. LINK topped most of the market for basically the same period, not just our list. In the process, the price broke the major resistance at $ 8 and quickly turned into support.

There was strong momentum in the rally, but as LINK approached $ 10, selling was fierce and prices now seem to lack the push needed to exceed this critical level. For this reason, the price is likely to retest critical support before the next attempt.

In the future, LINK has a good chance to maintain this bullish momentum, especially if prices do not fall below $ 8. Indicators of the daily time frame remain bullish and they have not yet reached the overbought state.

Chart by TradingView

NEAR protocol (NEAR)

After a major fix since April, NEAR may have found a local bottom for $ 4.7. Prices are on a downtrend and have lost 11% of their value in the last 7 days, so we can retest this key support level.

The main resistance was $ 5.6 and the bull was unable to break this level in the past. If the bear fails to press NEAR to form a lower low on this chart, another attempt may be made. Given that prices have fallen by more than 70% since April, sellers may have run out.

This opens up opportunities for buyers to attempt a strong recovery if the market turns bullish. Even if that doesn’t happen, if the Bulls can keep NEAR in a flat trend, it’s a success as it will stop the fix that started in April.

Chart by TradingView
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Disclaimer: The information found in CryptoPotato is that of the author cited. It does not represent Crypto Potato’s opinion on whether to buy, sell or hold an investment. We recommend that you do your own research before making an investment decision. Please use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency chart According to TradingView.

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