By Nathan Ferguson
Terra, STEPN, and Litecoin see the Relative Strength indexes on their respective 4hr charts swaying towards bearish as the broad crypto market lost about 4% over the past day. As the trio’s setback happened in massive volumes, buyers should step up soon to stop the ongoing plunge.
Terra (LUNA)
Bulls triggered a recovery phase after LUNA sellers tested the 61.8% Fibonacci for most of February. That translated to a more than 150% growth within a few days before the altcoin encountered the $119 barrier.
The past 13 days saw Terra’s token puncturing some crucial price levels as bulls defended the support at the 38.2% mark. LUNA traded at $79 at this publication. The RSI neared the oversold region as sellers dominated the short-term trend. However, the bullish divergence with LUNA price shows a potential revival in the coming hours.
Litecoin (LTC)
The foothold at $101 reinforced a massive come-back during LTC’s previous rally. That resulted in an ascending channel on the 4hr chart. The rally emerged after Litecoin matched the February 24 14-month lows.
However, bulls met a barrier around the 2-month resistance zone around the $131 level. That triggered an expected reversal, leading to a patterned fall that pushed the crypto beneath the 20-50-200 Exponential Moving Average. The latest bearish cross by 20EMA and 50EMA suggests more drops for the crypto.
Litecoin traded around $106 at this publication. The south-bound RSI lost the mid-line foothold while displaying a bearish outlook. A close under 37 would see the alt retesting the oversold region.
STEPN (GMT)
The Binance listing had the move-to-earn crypto surging on the charts and jumped into uptrends. Meanwhile, the $2.9 ceiling had GMT on gradual plummets from its highs, as the trend-line resistance affirms.
The alt oscillated within the $2 – $2.6 range since this month started. The recent bullish run ended after a climbing wedge breakout that triggered several bearish engulfing candles on the 4hr chart.
While publishing this content, GMT traded at $2.265, losing 5% over the past day. The RSI matched the market bearishness as the indicator dropped under the equilibrium. Nevertheless, recoveries from the support would propel a concealed bullish divergence. Moreover, Chaikin Money Flow ignores the increased sell-off case as it swayed beyond the zero-level and highlighted a bullish edge.