Key Takeaways:
Cryptocurrencies seem to have run out of fuel as a majority of tokens are either consolidating or have started to fall. Cryptocurrencies Prices: MANA, SAND, SLP, FIDA, REEF, NU, CHZ, ONT, DNT token
NEW DELHI (CoinChapter.com) — The broader crypto market rose by nearly 25.3% between Feb 3’s low of $1.642 trillion to reach Feb 8’s high of $2.057 trillion, riding on a relief rally brought on by growing interest in tech stocks.
As Amazon’s stock rose, Bitcoin (BTC) Ethereum (ETH) led the crypto market recovery. However, since Feb 8, the uptrend has lost some steam, with a majority of digital tokens falling prey to profit keeping from the bears.
As a result, the total crypto market cap lost more than $36 billion on Feb 8.
MANA/USD
Decentraland’s MANA token is likely to paint a bullish technical pattern called a golden cross on its daily charts. In detail, a golden cross occurs when a token’s short-term moving average (26-day EMA in this case) moves above its relatively long-term moving average (50-day MA here).
The token rose with the wider crypto market but has been moving laterally after charting a seven-week high of $3.55 on Feb 9. The $3.5 price level rebuffed MANA’s uptrend and currently acts as immediate resistance for the Decentraland token.
If MANA moves above its immediate resistance, its prices could target the next resistance level at $3.81. The potential golden cross is likely to help propel MANA prices upwards as the day progresses.
Conversely, a failure to sustain its uptrend could pull MANA prices down to $3, near a support confluence from its 50-day MA and 26-day EMA lines. Further downtrend could bring the $2.75 support level into play.
Meanwhile, the relative strength index for MANA is neutral, clocking a value of 57.45 on the daily charts.
SAND/USD
Sandbox’s SAND token has fallen prey to the crypto market correcting itself as well. At present, the token is moving in a horizontal channel formed by its 50-day MA and 26-day EMA lines. Immediate resistance for the token is near the $4.85 price level.
If SAND prices flip immediate resistance, the token would next target resistance at $5.6 before prices pull back. On the other hand, the Sandbox token has support from its 26-day exponential moving average near the $4.2 price level.
SAND would likely rebound from its immediate support over the day. However, if the Sandbox token’s prices break below the 26-day EMA, SAND could likely fall to $3.75 before recovering.
Meanwhile, the relative strength index remains neutral for SAND, clocking 55.02 on the daily charts.
SLP/USDT
The Smooth Love Potion token(SLP) joined the recovery party a bit late before plotting a massive 290% jump between Feb 6’s low ($0.0105) and Feb 10’s high of $0.0409. The boost upwards is likely the result of Axie Infinity’s revamp of its reward structure to reduce the SLP token’s inflation issues.
After the recent uptrend, the SLP token’s 26-day EMA (Yellow wave) seems poised to cross above the token’s 50-day MA line (Red wave), forming a golden cross. As such, it seems bulls would attack immediate resistance at $0.0414 in numbers.
If SLP manages to break above the $0.0414 resistance, the token’s next price target would be near $0.052. However, the relative strength index is the overbought region, with a value of 78.54 on the daily charts. As such, a trend reversal for SLP is, theoretically, very likely.
In case of a reversal, SLP would try to consolidate above immediate support near $0.031, failing which prices could move to $0.027 before recovering.
FIDA/USD
The Bonfida token (FIDA) jumped 81% on Feb 9, before bears moved in to pare profits, as the long wick on the day’s candle indicates. The selloff continued the next day, with FIDA shedding nearly 12% from its prices on Feb 10.
FIDA faces immediate resistance near the $3.1 price level. If the Bonfida token manages to escape the bears, FIDA prices would likely target resistance at $3.5 before pulling back.
Conversely, the 50-day MA line provides support for FIDA near the $2.76 price level. If FIDA continues to fall, the Bonfida token would likely bring the support at $2.51 into play.
Meanwhile, the relative strength index has pulled back from its upwards movement, currently nested safely in the neutral regions with a value of 55.22 on the daily charts.
REEF/USD
Reef Finance has had a roller coaster recovery, painting nearly alternating red and green daily candles. REEF prices reached a high of $0.0146 on Feb 10 before prices pared, thanks to the bears aggressively selling to book profits.
As such, the REEF token currently has immediate resistance coming from its 50-day MA line near the $0.01371 price level. If the current resistance fails to stop REEF’s uptrend, the token would likely challenge $0.0146
Conversely, Reef Finance has support near the $0.0124 price level. Sustained sell-off could pull down prices to $0.0120, near REEF’s 26-day EMA trendline. Meanwhile, the relative strength index for the Reef Finance token is neutral, clocking 56.52 on the daily charts.
NU/USDT
NuCypher prices have been in a downtrend since charting a 1,284.5% jump in Oct 2021. However, NU prices are recovering are now recovering from the Jan 21 crash. At present, the $0.624 price level, near Nu’s 50-day MA, acts as immediate resistance for the NuCypher token.
If the token flips 50-day MA into support, it could launch a rally that would see NU prices challenge resistance at $0.69.
On the other hand, Nu’s 26-day Exponential MA provides support for the token in case prices fail to rally upwards. Moreover, a sustained downtrend could pull prices down to the $0.481 support level.
Meanwhile, the relative strength index for Nu is comfortably in the neutral regions, clocking 51.96 on the daily charts. If NuCypher decides to move upwards, there is room for the RSI trendline before it becomes overbought.
CHZ/USD
Chillz prices broke above a nearly 3-month long descending trendline as CHZ prices recovered with the wider crypto market on Feb 3. However, the uptrend didn’t last long and prices have been moving horizontally since Feb 7.
CHZ prices fell 6.6% on Feb 10, but the 26-day Exponential MA line arrested the downside movement. The 26-day EMA provides immediate support near $0.217. Meanwhile, the Chillz token’s 50-day MA line provides immediate resistance near the $0.242 price level.
A sustained uptrend would likely push prices to $0.263 resistance before prices pull back. Meanwhile, the relative strength index is neutral for CHZ, with a value of 52.49 on the daily charts. The RSI trendline is moving downwards at the moment.
ONT/USD
The Ontology token registered 12.5% intraday gains on Feb 4. ONT prices moved upwards, testing support from its 26-day exponential MA line near the $0.565 price level. The Ontology token is currently moving laterally on the daily charts.
Meanwhile, the ONT token has immediate resistance near the $0.614 price level. A sustained buying spree from bulls could push ONT prices to target resistance at the $0.654 price level.
Conversely, if ONT breaks below immediate support, the Ontology token would bring support at $0.517 into play.
The relative strength index for ONT is currently neutral with a value of 55.16 on the daily charts. However, the RSI trendline has painted higher high after nearly 3 months of charting lower highs.
DNT/USD
District0x token has been moving horizontally since the last 4 days, after recovering from the Jan 21 crash. DNT remains bearish across the short-term time horizon, trading below the 50-day MA trendline. Immediate resistance for the Disctict0x token is at $0.1
The 26-day exponential MA line has been acting as dynamic support for the DNT token since Feb 7. If prices rebound from the dynamic support to rally upwards, the District0x token could find itself challenging resistance near $0.11.
Meanwhile, support for DNT is near the $0.087 price level. If bears start a marketwide sell-off, DNT prices could fall to support near $0.0787 before recovering.
The relative strength index continues to be neutral for the DNT token, clocking 49.32 on the daily charts.
