PolkaDot and Avalanche are unstable

Overview

  • Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens.
  • Avalanche is an open, programmable smart contracts platform for decentralized applications.

Here’s the market structure of PolkaDot and Avalanche on 07th January, 2022. Both Polkadot and Avalanche looked quite indecisive through the day.

PolkaDot

PolkaDot, currently trading at $25.35, is down by 5.32%, enticing traders to take a long position on the coin. Here’s the market structure of Polkadot:

Dot started the day at $26.61 levels, reached intraday high, before showing a reversal. The early intraday low stands at $25.16 levels. On the daily chart, Dot has been strongly volatile with the prices. Dot tested first resistance level at $26.17, while leaving the support level at $24.38 level untested today, thereby having late intraday low at $24.24 level. On the hourly chart, Dot is consolidating between $25.44 and $25.88 levels.

https://in.tradingview.com/

Market Indicators

Relative strength Index: The RSI is currently moving down towards 45 levels and perhaps has the potential of moving further down showing price weakness.

Fibonacci Retracement levels: 23.6%: $25.70, 38.2%: $26.50, 61.08%: $27.81

Major support level: $24.69

Major resistance level: $27.16

https://in.tradingview.com/

Conclusion

The strong buy region ranges somewhere between $25.16 and $24.46. Contrary to it the major sell region ranges between $25.47 and $26.05.

Avalanche

Avax is currently trading at $89.63 level, down by 5.73%. The market structure of Avalanche has been discussed further.

Avax, started off the day with the intraday high at $94.60 levels, and has been bearish throughout the day, with an intraday low at $85.11 levels. Testing the first major resistance level at $87.67level, Avax slid to a low of $85.66 levels. On the daily chart, Avax tested the first major support level at $85.80. On the hourly chart, the coin consolidated for a while before making a bullish reversal.

Looking at the current momentum, Avalanche is most likely to breakout on the upside.

https://in.tradingview.com/

Market Indicators

Relative strength Index: The RSI is currently moving down towards 34 levels, showing major price weakness.

Fibonacci Retracement levels: 23.6%: $90.97, 38.2%: $94.48, 61.08%: $100.16

Major support level: $85.29

Major resistance level: $97.32

https://in.tradingview.com/

Conclusion

Avax strong sell region extends from $91.30 and $95.85 levels. The major support level sits at $85.06 levels, falling below which will bring the second major support level at $84.86. The buy region is between $86.41 and $90.76 levels.

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