THELOGICALINDIAN - Terra LUNA Cosmos ATOM and Fantom FTM could be apprenticed for steeper corrections
Nearly $900 actor account of continued and abbreviate positions were asleep beyond the cryptocurrency bazaar in the accomplished 24 hours. Although the abrupt alteration decidedly impacted Bitcoin and Ethereum, a few altcoins suffered the most. Terra (LUNA), Cosmos (ATOM), and Fantom (FTM) rank amid the best afflicted with added downside potential.
LUNA Stages a Fakeout
LUNA underwent a about two-month-long alliance aeon that developed a balanced triangle on its circadian chart. But on Nov. 4, LUNA bankrupt out of it, signaling that it was apprenticed for a bullish impulse. The advancement amount activity was fueled by account that Grayscale was exploring adding this altcoin to its ambit of advance products.
Although the alliance arrangement appropriate that LUNA was branch to a new best aerial of $75, prices bootless to affected the $55 cerebral attrition barrier.
The bounce resulted in a cogent fasten in profit-taking that now appears to accept invalidated the optimistic thesis. Terra has alone beneath the $48 abutment akin and appears to be accident the 50-day affective boilerplate at $43 as support.
Further affairs burden could be adverse for the beasts as it may aftereffect in a 52% alteration appear the 200-day affective boilerplate at $23.
LUNA charge backlash from the accepted amount levels and achieve $48 as abutment to abstain such a bleak outlook. Only a circadian candlestick abutting aloft this hurdle would arresting the assiduity of the uptrend appear $75.
ATOM Breaks Below Support
ATOM additionally continues to trend lower, accident all cogent abutment levels beneath it.
The acute affairs badge breached the 50-day affective boilerplate on Nov. 10 and breached the 100-day affective boilerplate recently. As advertise orders abide to accumulation up, ATOM would acceptable book a circadian candlestick abutting beneath $31. Such bazaar behavior would serve as acceptance for lower prices on the horizon.
If this were to happen, annihilation would anticipate ATOM from bottomward appear the 200-day affective boilerplate at $23.
While the allowance arise to favor the bears, regaining $31 as abutment could apathetic bottomward ATOM’s downtrend. More importantly, ATOM would charge to abutting aloft the 50-day affective boilerplate at $35 to restest the best aerial at about $45.
Fantom Breaks Down
Fantom appears to accept addition leg bottomward afterwards breaking through a alliance arrangement that had been absolute its amount back Sep. 13.
The Proof-of-Stake chain’s FTM badge breached a cogent abutment barrier represented by the lower abuttals of a alongside channel. Slicing through such a able ballast projected a 40% alteration appear the 100-day affective boilerplate at $1.62. Fantom has retraced by added than 27% so far and appears to be on clue to accommodated the bearish target.
A circadian candlestick abutting beneath the 50-day affective boilerplate at $2.3 will validate the bleak outlook. But if Fantom manages to break aloft this abutment level, it may backlash afore affair the downside target.
Disclosure: At the time of writing, the columnist of this affection endemic BTC and ETH.
