27.01.2022, 09:34

Market turmoil, what’s next for NEAR, ALGO, WAVES, CAKE?

Bitcoin Magazine will look at the price movements of 4 different cryptocurrencies including Waves (WAVES) which are about to create a large bullish candle.

VICINITY

NEAR has been falling since hitting a new all-time high of $20.60 on Jan. 14. So far, it’s down 41.29%.

However, the token rebounded on Jan. 24, creating a bullish engulfing candle (highlighted). This is a bullish candlestick pattern that usually precedes a trend reversal.

If NEAR continues higher, the next resistance is $13.80. This is the 0.382 Fibonacci retracement resistance.


NEAR/USDT daily chart | Source: TradingView

ALGO

ALGO has been down since September 13th when it hit an all-time high of $2.55. So far, it’s down 63%.

On February 21, the token bounced after falling as low as $0.79, confirming the support line of a descending parallel channel. This line is also very close to the $0.70 horizontal support area.

Therefore, this entire zone will likely trigger a bounce.


Daily ALGO/USDT Chart | Source: TradingView

WAVES

WAVES has been bearish since October 14 along with a descending resistance line. The downside resulted in a low of $7.56.

After that, however, WAVES recovered and has since grown by 48.41%.

Despite the uptrend, it is facing a strong resistance at $12.50, which also coincides with the descending resistance line outlined earlier. Until this zone is restored, the trend cannot be considered bullish.


Daily WAVES/USDT chart | Source: TradingView

CAKE

CAKE has been down since April 30 when it hit an all-time high of $44.18. It initially rose above the $11.5 zone (green symbol) five times before finally breaking out on Jan. 13.

Until this zone is restored, the trend cannot be considered bullish.

The next support is at $6.30.


Daily CAKE/USDT chart | Source: TradingView

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to beincrypto