Technical Analysis: SOL, LUNA and AVAX All Down on Friday

Technical Analysis: SOL, LUNA and AVAX All Down on Friday

Solana, terra and avalanche were all lower on Friday, as market uncertainty impacted all major cryptocurrencies. This came as several of the big ten all fell into multi-week lows versus the U.S. dollar. Biggest gainers

With markets mainly in the red on Friday, finding a bull was no mean feat, however, there were some exceptions that weathered today’s storm.

The most notable was NEO, which as of writing is trading close to 6% higher, as it managed to evade the current bearish pressure.

Following a low of $23.45 during Thursday’s session, NEO/USD rose to an intraday high of $27.03 earlier today.

The move came following a streak of higher highs which saw NEO climb by as much as $10 in the last 3-weeks. NEO/USD – Daily Chart

Friday’s rally was heightened by the fact that the 14-day Relative Strength Index rallied beyond its recent ceiling of 59, and is currently tracking at 61.

NEO/USD also marginally broke out of its long-term resistance at $26, cementing a 1-month high in the process.

Following this false breakout, traders will now wait to see if price strength will gain further momentum this weekend.

Biggest losers

AVAX was down for a second consecutive session, with LUNA falling for a third straight day, although neither of these were today’s most notable bear.

That honor was reserved for solana (SOL), which fell by almost 15% this week, leading prices to track close to its long-term floor.

SOL/USD fell to an intraday low of $90.27 during Friday’s trading session, and is down close to 6% as of writing.

Price strength also faded, with the RSI falling deep into oversold territory, and is currently tracking at 36, which is its lowest level this week. SOL/USD – Daily Chart

These recent declines have pushed momentum lower, resulting in the 10-day (red), and 25-day (blue) moving averages crossing downwards, which is a signal of bearish sentiment.

SOL hasn’t traded below $89 since August, however, if this decline extends, we could see that this weekend. Tags in this story AVAX, AVAX/USD, LUNA, neo, NEO/USD, SOL/USD, Solana, Terra

Do you expect a swift rebound in SOL prices? Let us know your thoughts in the comments section below. 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 Drops to 2-Week Low Below $40,000 MARKET UPDATES | 8 hours ago Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article2 ‘Sleeping Bitcoin’ Block Rewards From 2010 Wake up After Sitting Idle for More Than a Decade Next articleUS Senator Lummis Thinks ‘Bitcoin Is Something That the Fed Should Hold on Its Balance Sheet’ 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 ItIndia Won"t Legalize or Ban Crypto at This Stage, Finance Minister Confirms

India"s finance minister has revealed the current status of crypto policy in India, including whether crypto will be legalized or banned in the country. The question surrounding the legitimacy of cryptocurrency was raised in parliament after the government announced that ... read more.Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India