ππ NEAR looks bullish! MANA pumps, but where to next?
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Chart #1 - Decentraland (MANAUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Overnight, MANA has made a 14% move, going from $0.70 to just below $0.80 (resistance).Β
It has been ranging in this area for the last three weeks and could be getting ready to make another move up. That would test resistance at around $1.00 - $1.10 which, if broken, could mean moving up to the following resistance at $1.40 - $1.50.Β
To the downside, if $0.70 is lost, the next support is at $0.60.Β
I feel alts have about a week left to run, so it would be wise to place stop losses appropriately, to protect against any downside risk.
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Chart #2 - Ankr Network (ANKRUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Err on the side of caution, as this is a low-cap coin, but ANKR has just broken back into the previous range it had been trading in.
As long as the range can hold, a long trade opportunity presents itself to us with targets as high as $0.05. That is an increase of 60% from where ANKR currently finds itself.
The invalidation would come if a daily candle closed below the $0.02 level.
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Chart #3 - NEAR Protocol (NEARUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
NEAR has recaptured its range low at $1.60 and seems to be accumulating and creating a decent base. Taking that into consideration, the upside target stands at $3.20.Β
A long trade would be invalidated with a daily candle close below the $2.16 level. If that happened, the price would most likely drop back down to $1.50.
But if NEAR can push up above $3.20 and hold that zone for a couple of days, $5.00 becomes the next upside target.
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Chart #4 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin Dominance has been in an uptrend ever since it hit a low of roughly 41% on the 10th of January.Β
On the 25th of January, BTC.D moved up to around 45%, hit resistance, got rejected, and headed down to where it finds itself now, at 43%. The loss in Dominance over the last two weeks has resulted in cash moving out of BTC and back into the altcoin market - the reason we have seen massive gains in some of the alts.
BTC.D is currently at support, where I think it will consolidate for a while before possibly moving lower to test 42% and its ascending daily support line, which started forming toward the end of November.Β
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 58 today, indicating Greed.
The highest the index has been over the past seven days is 60, and the lowest is 54.
Overall Market Sentiment (Banterβs Take)
The probability of altcoins running is very high.
As long as bitcoin holds its current levels and continues consolidating, it looks like altcoins are where the party is at. It's a good idea to scale into positions slowly, as opposed to going in with a lump sum, as prices are over-extended.Β
We must not forget it's just a matter of time before a deeper correction occurs.
Stay safe my friends!
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