InvestAnswers Draws Key Levels For ATOM, ETH, LUNA And AVAX
Crypto YouTube channel InvestAnswers is looking into Cosmos (ATOM), Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX) and lays out the path forward.
Cosmos (ATOM)
In a recent video update, InvestAnswers shared with their 409K subscribers on YouTube that Cosmos (ATOM) looks ready to move up to previous all-time high levels.
“It’s pretty clear to me that we will hit $45 in probably a month or less. It just looks absolutely perfect and set to skyrocket as we go forward. Not much selling pressure on the horizon and we should be able to get to that level, $45 which it hit four or five times in the last couple of months.”
At the time of writing, ATOM is trading at $28.50.
Ethereum (ETH)
Regarding Ethereum (ETH), the crypto analyst notes that it is currently at the 0.5 Fibonacci level, a key Fibonacci retracement level that marks the halfway of an existing trend. ETH could reach a new all-time high, should it break through 50 and 200-day moving averages.
“We’re now getting close to the 0.5 Fibonacci level, about $3,300. Notice as well we need to break through the 50-day moving average. And then the next is to break through the 200-day moving average. And then we’ll get to hopefully $3,700. After that, $4,150. After that, new all-time high $4,800.”
At the time of writing, ETH is trading at $3,024.
Terra (LUNA)
According to InvestAnswers, the native token of Terra (LUNA) could make a move towards $65 finding support at the 200-day moving age.
“[LUNA] is making a nice recovery too.
We are heading back towards the 0.386 Fibonacci level of $65. And then after that, you know LUNA can move very very fast when it wants to.”
At the time of writing, LUNA is trading at $51.67.
Avalanche (AVAX)
According to InvestAnswers Avalanche (AVAX) is currently overbought according to the Relative Strength Indicator (RSI).
RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. It ranges from 0 to 100 – where 70 or higher indicates overbought conditions, and potentially the end of a rally, while 30 or lower indicates oversold conditions, and potentially the end of a sell-off.
“Avalanche did get rejected off the $95 level. It’s now at about $87 and the RSI is quickly approaching overbought…
Avalanche chart might be running a little bit out of steam, we’ll see. But hitting $95 was a clear selling point.”
