Ethereum, Axie Infinity, Cosmos, Decentraland Price Analysis: 29 March
The altcoin market has performed strongly in the past week, with Ethereum gaining nearly 15%. Axie Infinity, Cosmos, and Decentraland all followed the footsteps of Bitcoin and ETH and flipped former near-term resistance areas to support.
Source: ETH/USDT on TradingView
At $3411, in orange, lies a level that marked yet another swing high on ETH’s downtrend. This level was a lower high, registered in mid-January. In the months since then, the price has retested the $3200 area as a zone of supply.
Only in the past few days has ETH been able to push past the $3200 area and retest it as a demand zone. Moreover, on the 4-hour chart, the RSI continued to show strong bullish momentum and was in overbought territory with a value of 73.6.
The OBV was also rising, and momentum could see Ethereum climb past $3411. This would be yet another sign of near-term bullish strength. $3650-$3700 is the next resistance area.
Source: AXS/USDT on TradingView
A set of Fibonacci retracement levels were drawn based on AXS’ move from $58.55 to $74.85. The 61.8% retracement level for this move lay at $64.78, and it has been tested as a support level. Moreover, the $63-$67 area (cyan box) is an area of former supply, and AXS has likely flipped it to demand.
The RSI climbed past neutral 50 once more as bullish momentum gathered, and the Chaikin Money Flow was at +0.06 to show significant buying pressure in the market.
Source: ATOM/USDT on TradingView
ATOM formed a near-term range from $27.2 to $29.4 (white), and in the past few days, the price has attempted to break out of this range and succeeded. Moreover, it established a bullish order block in the $29.5 area (cyan), which meant a revisit to this area could present buying opportunities.
There was also a zone
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