Bitcoin (BTC) dropped beneath $44K and retested the area as a supply zone over the last day as the entire cryptocurrency market endured selling. STEPN and Terra exhibited downside biases on their lower time-frames. Meanwhile, WAVES suffered a massive fall that undid a significant value of the gains acquired over the previous two weeks.
Terra’s LUNA plummeted below the resistance level, around $94.3. The Fib retracement zones, especially 61.8% and 78.6% (where the alt consolidates before reversals), could not witness sufficient demand. For now, the crypto sustains a downside stance.
LUNA remained bearish as the Relative Strength index sat at 33, and the probability of the alt dropping further in the coming few hours was high. The RS stayed beneath neutral 50 over the past few days. Moreover, the Chaikin Money Flow dropped below -0.05, reflecting massive selling momentum. Also, the Cumulative Volume Delta (CVD) hovered in the red.
STEPN saw some compression over the past week as the alt retested the support at $2.1 repeatedly to form multiple lower highs. That came after GMT recorded extraordinary gains. The levels at $2.1 and $2.23 remain vital in the short term, whereas further increases would likely meet resistance around the $2.4 mark.
Furthermore, bulls might need to overcome the descending trend-line resistance of the previous ten days to ensure a breakout.
The Relative Strength Index and the price reflected the stalled momentum recently. The indicator straddles the fence near-neutral 50. Moreover, the on-balance volume remained somewhat flat, but selling pressure briefly exceeded buying over the past few days.
WAVES is among the altcoins that saw significant selling strength over the past couple of days. The Fibonacci zones had a 27.2% extension area at $24.64, whereas $23.39 represents a horizontal support zone.
The A/R indicated steady selling momentum, outperforming buying activity. The Relative Strength index also displayed massive bearish strength. Short positions from above $27 targets $25.5, $24.4 and $21.6 for profit-booking.
Nevertheless, the altcoin market will rely on broad market sentiment. The global cryptocurrency market cap hovers at $1.97 trillion at this publication, following a 0.70% 24hr drop.