Sunday, January 23, 2022
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By victoria
Published 31 mins ago Updated 31 mins ago

The cryptocurrency market has again turned green, briefly after registering losses in the past 24 hours. Altcoins have also recovered by appreciating over the same time frame. Harmony rose by 4.4%, while Spell Token logged an appreciation of 4.7% overnight.

Indicators for Spell displayed a steady bullish outlook in its charts. Near-term indicators were positive; however, Harmony’s chart depicted a possibility of a price reversal. This token specifically saw steady trading despite other De-Fi tokens dipping.

ONE/USD Four Hour Chart

Price Analysis: Harmony Displayed A Death Cross While Spell Token Trades Restrictively

Harmony was priced at $0.28, and the coin stood above the $0.27 price floor. The token had formed a cup and handle pattern recently. Harmony’s current price level shows that the coin has recovered significantly from the losses it incurred over the past month.

If the token manages to experience a constant buying strength, it could attempt to trade above the $0.31 mark. However, regarding the technical outlook, the coin has experienced a death cross. This reading is indicative of bearish price action.

On Balance, the Volume was quite high, but there was a small downtick. The Relative Strength Index had shot up and touched the overbought zone as the asset was overvalued yet again. This meant selling volume has increased in the past 24 hours.

Speaking of the market trend, ADX was quite positive displaying a strong market trend. Directional Movement Index was positive as the +DI line crossed over the -DI line.

SPELL/USD Four Hour Chart

Price Analysis: Harmony Displayed A Death Cross While Spell Token Trades Restrictively

Spell Token was priced at $0.024, with immediate support at $0.20. Ever since Spell Token recovered sharply, the token was mainly trading in a constricted manner.

Immediate overhead resistance for the coin stood at $0.26, toppling over which the coin could trade at $0.30. On the four-hour chart, Spell was above the 20-SMA, indicating that buyers in the market dictated price momentum.

The Relative Strength Index was placed above the midline into the bullish zone signifying an increased buying strength in the market.

The Awesome Oscillator flashed green signal bars in consonance with the positive price movement in the market. On  Balance, Volume signified a fall in selling pressure and a rise in buying strength in the market at the time of writing.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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