Technical Analysis: SOL, LUNA and AVAX All Down on Friday

Solana, terra and avalanche had been all decrease on Friday, as market uncertainty impacted all main cryptocurrencies. This got here as a number of of the massive ten all fell into multi-week lows versus the U.S. greenback.

Biggest gainers

With markets primarily within the purple on Friday, discovering a bull was no imply feat, nonetheless, there have been some exceptions that weathered at the moment’s storm.

The most notable was NEO, which as of writing is buying and selling shut to six% increased, because it managed to evade the present bearish strain.

Following a low of $23.45 throughout Thursday’s session, NEO/USD rose to an intraday excessive of $27.03 earlier at the moment.

The transfer got here following a streak of upper highs which noticed NEO climb by as a lot as $10 within the final 3-weeks.

Friday’s rally was heightened by the truth that the 14-day Relative Strength Index rallied past its latest ceiling of 59, and is at the moment monitoring at 61.

NEO/USD additionally marginally broke out of its long-term resistance at $26, cementing a 1-month excessive within the course of.

Following this false breakout, merchants will now wait to see if value power will achieve additional momentum this weekend.

Biggest losers

AVAX was down for a second consecutive session, with LUNA falling for a 3rd straight day, though neither of those had been at the moment’s most notable bear.

That honor was reserved for solana (SOL), which fell by virtually 15% this week, main costs to trace near its long-term flooring.

SOL/USD fell to an intraday low of $90.27 throughout Friday’s buying and selling session, and is down shut to six% as of writing.

Price power additionally pale, with the RSI falling deep into oversold territory, and is at the moment monitoring at 36, which is its lowest stage this week.

These latest declines have pushed momentum decrease, ensuing within the 10-day (purple), and 25-day (blue) shifting averages crossing downwards, which is a sign of bearish sentiment.

SOL hasn’t traded under $89 since August, nonetheless, if this decline extends, we may see that this weekend.

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