The Layer-1 chains among the top 15 are currently draining with a notable margin. While Avalanche’s (AVAX) price has flipped the bears to a large extent, the other assets struggle to regain the bullish momentum. Others include, Solana(SOL), Cardano(ADA), Terra(LUNA) and Polkadot(DOT). These still maintain a silent narrow trend and utilise all their resources to flip the bearish trend.
The AVAX price despite being consolidated in the long term, yet in the short term manifests an extremely bullish trend. The asset which rallied high nearly 20% in the past couple of days, initiated a corrective phase during the last few hours of the previous day. Despite a couple of flips, the asset maintains a consolidated trend, manifesting a bull flag pattern. And hence a significant uptrend may be expected in the upcoming days. Once these levels are broken, then the price could reach the next resistance above $80 initially and later towards $100.
In a contrast to the AVAX price rally, the LUNA price broke down from the descending channel in the early trading hours. With the rejection after a slight uptrend, the price dropped down towards the lower support and attempted to validate a flip. If in case the flip intensifies, then the price could head towards the support-flipped-to-resistance levels. However, slicing these levels may be a tedious job at the moment by may secure before the end of Q1 2022.
The Solana price amid the recent drop, sliced through the uptrend line and tested the lower support levels below $85. However, the asset is attempting very hard to rebound from the lower support but the bears appear to be slightly strong now. But the bulla appears to be self-assured of not allowing the price to drop beyond this support. Therefore, after a tough brawl, one can expect a notable bounce as sellers are primed to get exhausted shortly.
Cardano’s price is on the verge to manifest yet another fakeout, as the asset may slice through the immediate support very soon. After slicing through these support levels, the asset may continue chopping around the levels it did before the breakout. Therefore, manifesting again a stagnant trend, the ADA price may lose immense strength very soon.
Polkadot price is facing constant rejections in its attempt to surpass the $20 mark. However, the fresh rejection does not appear that strong, as the bulls are still possessed decent strength and only face short term exhaustion. However, with the trend igniting with a notable bullish trend post-consolidation, the asset may range beyond $20 at the earliest.
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