Three Tokens Worth Monitoring in the Market: AVAX, MANA, NEAR

  • Bearish winds hit AVAX and MANA, while NEAR bulls stood firm amid the turbulence.
  • Decentraland’s MANA faces a critical support test at $0.3877 amid market uncertainty.
  • AVAX shows the potential to outshine BTC with positive momentum and resistance at $12.10.

A bearish trend has prevailed in the Avalanche (AVAX) and Decentraland (MANA) markets in the past 24 hours, with bears driving prices to support levels of $11.51 and $0.3877, respectively. Despite sliding to a 24-hour low of $1.46, bulls in the NEAR Protocol (NEAR) market were able to cancel out the negative sentiment.

MANA/USD Technical Analysis

MANA’s market capitalization and 24-hour trading volume fell by 3.74% and 25.06%, respectively, during the bearish reign, to $740,893,275 and $124,675,447, at press time. This decline in market capitalization and trading volume reflects a drop in investor confidence and activity in the Decentraland market.

MANA/USD 24-hour price chart (source: CoinStats)

If the bulls can overcome the adverse sentiment and push MANA over the 24-hour high of $0.414, the next resistance level to monitor is around $0.45. Breaking over this level may draw additional buyers, resulting in a positive trend in the Decentraland market. 

However, if negative momentum persists and the $0.3877 support level is breached, MANA may see more selling pressure, pushing it to the next support level at $0.35.

AVAX/USD Technical Analysis

Avalanche (AVAX) has had a price retracement in the past 24 hours, with bears lowering the price from an intra-day high of $12.10 to an intra-day low of $11.51. If this negative attitude continues and the $11.51 support level is breached, it might pave the way for additional downward action into the next support level at $11.00. 

AVAX/USD 24-hour price chart (source: CoinStats)

If buyers enter the market and push the price over the intraday high of $12.10, it might suggest a positive turnaround and could surge into the next resistance level at $12.50.

Analysts anticipate that AVAX’s probable rise will outpace BTC owing to its positive momentum and the possibility of a breakthrough over the intra-day high. This tendency may attract additional buyers and push the price even higher.

AVAX’s market capitalization fell by 3.24% and 49.63% during the recession, to $4,147,149,758 and $224,003,326, respectively, at press time. 

NEAR/USD Technical Analysis 

Despite a slight bullish rebound to start the day, negative efforts to sink the NEAR Protocol (NEAR) were unsuccessful as support at the intra-day low of $1.45 remained firm. As a result, investors drove the NEAR price to a 24-hour high of $1.56 before encountering resistance and stabilizing around the $1.50 level at press time.

NEAR/USD 24-hour price chart (source: CoinStats)

At the time of writing, the market capitalization of NEAR increased by 3.20% to $1,493,627,741, but the 24-hour trading volume decreased by 36.64% to $184,085,519, suggesting a decline in trading activity. The previous bullish momentum may have been propelled by a favorable market mood or an infusion of buyers. Still, it remains to be seen whether this upward trend will continue in the following days.

If the positive momentum breaks over the $1.56 barrier, the next milestone to monitor is around $1.60. If negative pressure increases and the support level at $1.46 is broken, the price may fall lower until the next support level at $1.40.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

FTX Wallet Drainer Relentless: Bridges Another 5,624 ETH to BTC

CertiK Alert posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications of multiple activities by the hacker, recently. The latest amount adds to over 30,000 ETH already bridged by the FTX wallet drainer. CertiK Alert, a platform that provides real-time alerts about crypto hacks, posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications about the recent resurfacing of the hacker who stole a significant amount of funds from the defunct FTX exchange. #CertiKSkynetAlert The FTX drainer has bridged another 5,624 ETH to BTC Receiving wallets: Bc1q8…m7zcy Bc1qs…fyhdy Bc1q7…3tg27https://t.co/4J3l9hyvjX — CertiK Alert (@CertiKAlert) October 4, 2023 The recent alert comes after CertiK Alert had posted about the hacker bridging up to 30,000 ETH to BTC as of October 2, 2023. Over the weekend, the crypto industry observed renewed activity on the w...
Read more

Here’s how to prevent NFT theft, according to industry professionals

Image
Professionals working in the Web3 space highlighted various tools and best practices to protect NFTs from hackers and scammers. As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.  However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft . In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain Security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious links and be very careful when signing token approvals,” Gu shared. Taking it a step further, the executive shared other best practices like periodically checking and revoking unneeded permissions and segregating NFTs into differen...
Read more

Sell the rumors… Buy hack announcements? Unibot retrospective

In the aftermath of a significant security breach affecting Unibot (UNIBOT), an unexpected twist in market psychology surfaced. A leading analyst on prominent crypto analytics platform Santiment dissected the curious case of Unibot price action following a hack, challenging the old adage of “sell the rumor , buy the news.” He wrote: Panic creeps in, you start getting doubts (especially having experience multiple blowups of projects before), maybe it’s just better to sell and wait it out? Looks like many UNIBOT holders felt those kind of feelings in the recent days. On Oct. 31st, a capitulation event was observed for Unibot as long-standing coins changed hands in response to panic stemming from a cryptic tweet by the coin’s developers. The subsequent sell-off resulted in the largest transaction volume spike for Unibot, accompanied by a noticeable increase in active addresses — a movement tracked closely by Santiment’s tools. If you read any UNIBOT-rel...
Read more