Following tweets from Terra founder Do Kwon, LUNA surged over 1,500% on Saturday. However, with several exchanges stopping deposits, only those who got in at the bottom have seen those gains. This is because AVAX and NEAR are both down over 20%.
While LUNA was undoubtedly the biggest gainer today, recent volatility and price action makes it almost impossible to really analyze.
However, another relatively strong climber in today’s session was AVAX, which fell as much as 20%.
AVAX/USD slipped to an intraday low of $29.55, which is now 20.83% off Friday’s high of $37.72.
Since breaking out of its long-term support level of $65.60 just ten days ago, AVAX has been down for eight of these sessions and is now trading on new ground.
This new support appears to be the $28.80 level, which is marginally above a 9-month low in prices.
Despite this recent drop in value, the bulls are bullish on a rebound as the RSI floats in the oversold territory, which has led some to believe that price strength can only rise from here.
Near Protocol (NEAR)
SOL was also down nearly 20% on Saturday, however NEAR’s decline brought prices closer to a nine-month low of its own.
After a high of $7.58 on Friday, NEAR/USD fell to an intraday low of $5.98, down over 21% from yesterday.
NEAR has broken above two key support levels in the last ten days – first that of the $12.60 point and more recently the $9.90 level.
As a result of these declines, it has been a struggle for traders to find a new bottom, however, it appears to be near $6.00.
Although prices fell to $3.57 earlier this week, the lowest since last August, we have seen a slight recovery as AVAX consolidates at the new support point.
The RSI is also floating in the oversold territory and stands at 25.76 as of this writing, the weakest point since September 2020 when the first AVAX token was issued.
Is this an ideal time for bulls to re-enter the market? Let us know your thoughts in the comments.
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