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The sustained bearish rally led several altcoins to mark their multi-week lows during the past few days. Consequently, Bitcoin hit its seven-week low on 26 November, while Tron touched its one-month low on 27 November.
On the other hand, Terra marked a bull rally over the last day after displaying bullish technical indications.
Bitcoin (BTC)
TradingView, BTC/USD
From 21 July, the king coin has managed to mark higher lows to date. Since late September, BTC moved between an up-channel (parallel, white) that transposed into a bullish pennant pattern. The largest crypto registered a staggering 66.53% ROI from 30 September to 10 November. After a bullish pennant breakout, the price hits its ATH on 10 November at $69,080.
Since then, however, BTC consistently fell in a down-channel (parallel, yellow). With a sustained sell-off, the bears triggered a 22.3% downturn (from 10 November) as the price hit its seven-week low on 26 November.
Now, it becomes crucial for the bulls to hold the $53,400-mark (immediate support) to stop a significant plummet towards the $47,500-mark. At press time, BTC traded at $54,443.84. The RSI showed no revival signs and seemed to point south. Further, the DMI and AO confirmed the bearish vigor.
Tron (TRX)
TradingView, TRX/USDT
From 29 September, the alt recorded an over 54% 47-day ROI. Thus, the rally triggered the price to its six-month high on 15 November.
However, the bears showed resistance at the $0.11-mark for the past six months. As a result, the price moved back into the trend after noting an over 30.2% 12-day decline to poke its one-month low on 27 November.
This fall visibly pushed the price below all the EMA ribbons, depicting a powerful bearish influence. Now, the bulls will have to ensure support at the $0.089-mark to prevent a further breakdown.
At press time, TRX traded at $0.09143. The RSI attempted a revival but could not cross the half-line. However, a bullish divergence (white trendline) between the RSI and the price action could bolster a near-term bullish comeback. Also, the DMI skewed in favor of the bears along with a high directional trend.
Terra (LUNA)
TradingView, LUNA/USDT
Since 19 October, LUNA price action undertook a bullish trajectory as the price bounced between the two parallel lines heading north. The digital currency noted a monstrous 53.44% ROI from 19 October to 8 November.
Consequently, LUNA reached its ATH on 8 November and bounced back from the upper trendline. Since then, correlating with market inclinations, the alt lost over a third of its value until it touched its five-week low on 24 November.
However, the altcoin saw an 8.7% incline in 24 hours. Thus, bulls ensured to breach the $45.1-mark. If they continue their rally, they could find strong support at this mark. At press time, LUNA traded at $45.83. The RSI was northbound after favoring the buyers. Further, MACD and AO confirmed the RSI’s conclusion.
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