MATIC, NEAR, Dogecoin, Avalanche Price Analysis: 07 April
Polygon (MATIC)
Highlighted in cyan is an area of demand on higher timeframes (12-hour and daily) that MATIC had fallen to the previous day. Previously, the price had been trading within a range from $1.56-$1.74 but the selling pressure was too great for the bears to hold on to the range lows.
At the time of writing, the price and the RSI made a bullish divergence on the hourly chart. This saw MATIC bounce from the $1.44 lows, but the OBV showed that selling pressure has been strong in the past week. A session close below $1.4 could see a further downside.
Near Protocol (NEAR)
For NEAR, a set of Fibonacci retracement levels (yellow) were plotted based on its move from $12.53 to $18. In the past couple of days, the $16.7 level had posed stiff resistance, and at press time the price was dropping toward the 61.8% retracement level.
This level was also very close to the highs for NEAR in the month of March, and its retest could be a good buying opportunity. The RSI and the Awesome Oscillator showed a downtrend in progress on the lower timeframes.
Dogecoin (DOGE)
The VPVR showed where the Value Area lay for DOGE in the past ten days. The Value Area Lows were at $0.133, and the Highs were at $0.155. DOGE was trading at $0.1452, just above the Pont of Control at $0.143. The Awesome Oscillator and the CVD reflected the recent selling pressure on DOGE.
According to the VPVR, the pullback from the $0.17 highs of the previous day was actually healthy and DOGE was trading at “fair value” once more. In the next few hours, the price would need to flip the $0.15 area to demand to present a buying opportunity.
Avalanche (AVAX)
AVAX has also posted large losses in the past few hours and was unable to hold on to the $91.6 support level and fell nearly 11% to $82. However, the 2-hour chart for AVAX showed that this could be a range formation for AVAX, with the lows at $82.3 and the highs at $101.5.
Even though the RSI showed strong bearish momentum, and the OBV also saw a hefty drop, another retest of the $82 area would likely offer a good risk-to-reward buying opportunity targeting the $101 range highs.