After hitting multi-month lows on Jan. 24, the bulls stepped in to bring the substantial sell-off to a halt and reversed the short-term trajectory of most altcoins.
Ether’s 4-hour short-term SMA rose above its long-term SMAs, revealing a bullish edge, but it still struggled to muster enough volumes. Fantom and Axie Infinity also saw an overbought RSI due to double-digit 24-hour gains after a pattern breakout.
ether (ETH)
Source: TradingView, ETH/USD
Since falling under his Checkpoint (red) near $4,000, ETH bears started significant sell-offs. As a result, ETH registered a loss of 46.81% (as of December 27) and hit its six-month low on January 24.
Since then, however, it has seen an astonishing ROI of 43.5% in just the past 13 days, while pushing through multiple ceilings. As a result, the king marked alt an ascending channel (white) and claimed the $3000 support. Furthermore, the 20 SMA (red) crossed the . about 50/200 SMA, indicating the increased bullish edge. Immediate resistance was on the upper trendline of the channel.
At the time of writing, ETH was trading at $3,095.7. The RSI saw a solid recovery from the 47 mark support. It bounced back by more than 30 points in the past four days while testing the overbought region. Besides, one has to take into account the lower peaks and valleys on the volume oscillator, image of a slightly weak bull movement.
Phantom (FTM)
Source: TradingView, FTM/USDT
Since FTM has bounced back from the $3.32 level, bears have been exerting constant pressure. As a result, it lost nearly 48.07% (as of January 17) and hit its lowest point in a month on January 24.
Then the alt saw a breakdown of the bearish flag that put the USD 1.9 support to the test. But with an impressive 25.4% gain in three days, it scrambled back to claim the $2.22 support. With this jump, the bulls have overturned the 50 SMA (red) from its resistance to support.
At the time of writing, FTM was trading at $2,363. The RSI saw a rapid recovery from the trendline support. Now it has moved into overbought territory, reflecting a bullish bias. Furthermore, the DMI skewed in favor of buyers. But the ADX (directional trend) remained weak.
Axie Infinity (AXS)
Source: TradingView, AXS/USD
After a steady downward trend, AXS has lost multiple resistance levels (previous support) in the past two months. The alt lost more than half of its value (since January 5) as it sped south to reach its five-month low on January 24.
Since then, it has found an oscillating range between the rectangle (yellow) before a substantial breakout on February 5. AXS posted a gain of 57.01% (from the February 3 low) as it restored the lost USD 65 support. Immediate resistance was near the 61.8% Fibonacci level.
At the time of writing, AXS was trading at $70,126. The RSI saw a 44 point rise in just four days as it went deep into the overbought mark. A possible delay from here would be likely in the near term.
This post Ethereum, Fantom, Axie Infinity Price Analysis: Feb 7
was published first on https://ambcrypto.com/ethereum-fantom-axie-infinity-price-analysis-07-february/
