Technical Analysis: QNT, LUNA Lead Monday"s Crypto Rebound
Following a bearish start to the week, the crypto market rallied throughout the afternoon, with quant (QNT) and terra (LUNA) leading the gainers. Earlier losses in bitcoin and ethereum were also lessened, as the overall market was up 1.35% as of writing. Biggest gainers
Cryptocurrency markets have been under considerable pressure from bears in the last week, however, this somewhat eased as some bulls returned on Monday.
Terra (LUNA) was one of these, and was up over 7% as of writing, hitting a high of $53.61 in the process.
Despite this, it was quant (QNT) that was today’s biggest gainer (thus far), climbing by as much as 13% on the day.
QNT/USD rose to an intraday high of $128.98 to start the week, after closing out yesterday’s session with a low of $105.45. QNT/USD – Daily Chart
Today’s move saw QNT form an engulfing pattern, which wiped out the last four days of quant bears, as markets looked to move to resistance.
However, as QNT/USD moved closer to this resistance level of $138.30, some traders seemed to have liquidated their positions.
Irrespective of this, we may still see those remaining pushing for this price ceiling.
Biggest losers
Despite last week’s selloff somewhat consolidating, there was certainly still a red wave present in the crypto top 100.
Whilst most of the list remained red, losses were somewhat muted, with the biggest to fall (as of writing) being avalanche (AVAX).
AVAX/USD fell to an intraday low of $75.00 during today’s session, and is down close to 4%, pushing prices to their lowest level in three weeks. AVAX/USD/ Daily Chart
This drop in price comes as the support level of $79.00 was finally broken, after several failed attempts to move below this point.
Price strength has also been dented, with the 14-day RSI moving to its weakest point since February 3, and now tracks at 44, which is marginally in oversold territory. Tags in this story Avalanche (AVAX), QNT, terra (LUNA)
Could AVAX be heading towards $70.00? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Lower for a Sixth Straight Day MARKET UPDATES | 8 hours ago Technical Analysis: THETA, GALA, and SAND Lead Weekend Crypto Bears MARKET UPDATES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, #QNT,#LUNA lead Monday"s crypto rebound, however #AVAX falls lower Previous articleNew York Judge Orders Terraform Labs to Comply With SEC’s Investigative Subpoenas Next articleA DAO Is Attempting to Raise $4 Billion to Purchase the Denver Broncos Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead
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