Ethereum, NEAR Protocol, and Fantom ($FTM) Technical Analysis: August 10, 2022
Ethereum ($ETH) analysis, 10th Aug 2022
Ethereum ($ETH) has been one of the top trending coins in the last 24H. With the recent upgrade from PoW to PoS on the horizon, there are a lot of eyes on the biggest altcoin in the market.
After the bears pushed $ETH down the charts, the alt traded sideways for a month, from June 13 to July 13, where the coin consolidated at a support level of $1071.06.
Fortunately, the market developed as the buyers started showing support pushing the coin upwards since mid-June. The alt retested the $1484 level several times and bounced, reaching resistance at the $1692 level.
During press time, $ETH traded at $1693.19, dipping mildly by 1.23% since the day before. The RSI at 58.10 looked quite strong while the 50-day MA seemed to be supportive of the slow yet steady progress.
NEAR Protocol ($NEAR) analysis, Aug 10th 2022
$NEAR has been one of the top five gainers over the last 24H and we can see why.
The coin has made significant progress over the last month, trading in an ascending parallel channel (yellow). Previously the coin found support at the $3.25 level where it traded sideways for nearly a month as the bears kept dominating the market.
After retesting this area several times, the alt managed to attain a better position on the charts.
At press time, $NEAR traded at $5.32. Although the RSI hovered around a solid 65.54, and the ADX caught up to it, most of the technical indicators suggested that it would be a good time to sell the token as some of the bigger coins such as Bitcoin and Cardano are going through another dip in the last 24H.
Fantom ($FTM) analysis, Aug 10th 2022
$FTM has also made it to the top 5 gainers of the last 24H. The coin has made significant progress, especially in the last couple of weeks. The alt suffered immense losses during the bear market, declining from $18 in April to $3 on June 11. Since then Fantom has been trading sideways until towards the end of July when the buyers finally kicked in.
During press time, $FTM traded at $5.36, gaining almost 3.96% over the previous day. The RSI hovered at a very solid 65.89, while the AO looked quite bullish on the recent stance of the token. The 50-day MA seemed to be gradually taking off with the progress as well.
Overall the technicals suggested a strong buy for this one as of now, and one of the coins to watch out for.
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