In the digital money markets, investors try to overcome the downside by buying stocks. In the altcoin markets, some digital assets with better internal dynamics have undergone upward price movements.
One such cryptocurrency, Elrond (EGLD), is experiencing a correction after posting gains over the past five days.
The popular altcoin Dcentraland (MANA) also started the day fast and is now moving above resistance prices last week.
Loebring (LRC) has seen a price jump of 900% in value over the past few days. October 28 is the peak of its cycle, which means that it will continue on its course after a limited correction.
Elronde(EGLD/USD)
Elrond (EGLD) has been in a steady upward trend since the second half of 2021. The crypto asset, which reached an all-time high of $542.70 yesterday, has fallen from its peak price to $455 today as sales volume and sellers continue.
Looking at the USD/EGLD 5-day bounce, it can be seen that the move started to rise above $307 after testing the general uptrend on November 19. This area was also supported by the 8 and 21-day Asian moving averages.
Based on the recent bullish momentum, if Elrond closes at $453, it could be seen as a limited correction by the market and Elrond could continue rising from where it left off. It is very important to find a floor above $526 for a possible uptrend. As we can see that the origin of the digital currency was in Europe, so if we take a look at their trading patterns, it is very clear to me that the trend reversal in Europe will have the price of this item moving above this level.
The price of the USD/Elrond pair may drop to the $400 range. If this happens, the USD/Elrond may drop below $400 for a second time before reaching its average price of $360.
Decentraland (MANA/USD)
As of November 10, while the overall decline in the cryptocurrency market continued, Dcentraland continued its decline by moving in the opposite direction. The 8-day moving average value acts as a dynamic support in the uptrend that continues into late November. It should be noted that prices, which have fallen to this average level, continue to fall. Choose plants with longer stems.
Last week, the parity between the USD/Dcentraland currency pair was $4.3. The altcoin started today and is trying to break this price, which will then be an important resistance at $4.8. If the upward movement continues, it may reach levels of 5.53 - 6.29 - 6.77 dollars. People buy dollars.
In a bearish scenario, if the price closes below $4.33; It will be the first and most important support price. A breakout to the downside (daily close below $3.88) could lead to further losses towards $3.28. However, current expectations and technical indicators indicate that the bullish trend may cement its place. Olive oil sells for more than $4.30 per gallon.
Loebring (LRC/USD)
Loebrig saw a massive 930% rise from late October to November 10. The USD/LRC pair has been in the process of recovering for the past week.
After its price peaked, LRC closed at $3.21. A one-day close above this level is seen as average price resistance. Yesterday, a new day started with sellers and Lubring tested the $3 level again today. If the volume buyer manages to keep control of it, it will reach the next level at $3.33, which is the previous support area. When the price of the digital asset is above $3.21, this is the time when it can stabilize and continue to climb. If the price stays above $3.21 for at least one day, we can take $3.86 as the first resistance and $4.83 as the next target.
The daily chart shows that the price is heading towards the $3.2 region on average. The RSI stochastic has shifted upwards from the oversold zone, and the MACD has been moving north outside the negative territory.
And if the selling continues today, we can see that the average of $2.8 and then $2.32 could act as support for the prices in the short term.
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