The past few hours saw Bitcoin rallying past $30K after securing some foothold around $28.5K. BTC’s leg up triggered upticks in most alternative tokens. Decentraland witnessed a 45% increase in recent hours, whereas EOS changed its trend to bullishness following intense selling throughout the week. PancakeSwap might witness a swift upsurge beyond $5 in the upcoming hours. Nevertheless, Bitcoin should hold beyond $30,000 to support the positive move.
Decentraland gained approximately 45% over the past couple of hours as the near-term outlook flipped from massive bearishness to bullish strength. Meanwhile, the market stricter shifted to bullish after MANA printed a higher low near $0.7 and overpowered the lower high at $0.8, formed amid the latest downswings.
Does that imply a potential long-term trend reversal for Decentraland? Not really, apart from buying momentum over the recent hours. The on-balance volume surged higher with the price, reflecting massive buying pressure behind MANA’s upswing to $103 from $0.7. Meanwhile, the value area at $0.95 – $1 might present a buying opportunity after a scalp-long retest, with profit-taking targets near $1.2, then $1.3. Nevertheless, massive resistance awaits ahead, and investors should act with care when managing risks.
EOS saw upward actions on its charts after rebounding from the support at $1.2, breaking beyond $1.35. The past couple of days saw EOS securing support at $1.4 and $1.51. Thus, these regions might present a massive resistance amid alt’s surges.
The Relative Strength Index hiked beyond the 50-neutral, supporting momentum flip to bullish in the near term. Meanwhile, the Chaikin Money Flow slightly poked beyond +0.05. Therefore, the market saw substantial capital flow during the latest rally (over the past couple of hours). Nevertheless, the Stochastic Relative Strength Index stayed in the overbought region. And coupled with the massive resistance, EOS might go back to $1.34.
The VPVR tool places CAKE’s POC at $4.3, a zone that the token recently breached. The past couple of days saw brief trading activity within the $4.6 – $5.3 range, meaning PancakeSwap might explore this area swiftly, rallying higher.
The momentum favored bulls as the token broke out beyond the Point of Control. Also, the Relative Strength Index rose past the 50-neutral. Moreover, the MACD appeared ready to cross beyond the zero-line.