- Bearish winds hit AVAX and MANA, while NEAR bulls stood firm amid the turbulence.
- Decentraland’s MANA faces a critical support test at $0.3877 amid market uncertainty.
- AVAX shows the potential to outshine BTC with positive momentum and resistance at $12.10.
A bearish trend has prevailed in the Avalanche (AVAX) and Decentraland (MANA) markets in the past 24 hours, with bears driving prices to support levels of $11.51 and $0.3877, respectively. Despite sliding to a 24-hour low of $1.46, bulls in the NEAR Protocol (NEAR) market were able to cancel out the negative sentiment.
MANA/USD Technical Analysis
MANA’s market capitalization and 24-hour trading volume fell by 3.74% and 25.06%, respectively, during the bearish reign, to $740,893,275 and $124,675,447, at press time. This decline in market capitalization and trading volume reflects a drop in investor confidence and activity in the Decentraland market.
If the bulls can overcome the adverse sentiment and push MANA over the 24-hour high of $0.414, the next resistance level to monitor is around $0.45. Breaking over this level may draw additional buyers, resulting in a positive trend in the Decentraland market.
However, if negative momentum persists and the $0.3877 support level is breached, MANA may see more selling pressure, pushing it to the next support level at $0.35.
AVAX/USD Technical Analysis
Avalanche (AVAX) has had a price retracement in the past 24 hours, with bears lowering the price from an intra-day high of $12.10 to an intra-day low of $11.51. If this negative attitude continues and the $11.51 support level is breached, it might pave the way for additional downward action into the next support level at $11.00.
If buyers enter the market and push the price over the intraday high of $12.10, it might suggest a positive turnaround and could surge into the next resistance level at $12.50.
Analysts anticipate that AVAX’s probable rise will outpace BTC owing to its positive momentum and the possibility of a breakthrough over the intra-day high. This tendency may attract additional buyers and push the price even higher.
AVAX’s market capitalization fell by 3.24% and 49.63% during the recession, to $4,147,149,758 and $224,003,326, respectively, at press time.
NEAR/USD Technical Analysis
Despite a slight bullish rebound to start the day, negative efforts to sink the NEAR Protocol (NEAR) were unsuccessful as support at the intra-day low of $1.45 remained firm. As a result, investors drove the NEAR price to a 24-hour high of $1.56 before encountering resistance and stabilizing around the $1.50 level at press time.
At the time of writing, the market capitalization of NEAR increased by 3.20% to $1,493,627,741, but the 24-hour trading volume decreased by 36.64% to $184,085,519, suggesting a decline in trading activity. The previous bullish momentum may have been propelled by a favorable market mood or an infusion of buyers. Still, it remains to be seen whether this upward trend will continue in the following days.
If the positive momentum breaks over the $1.56 barrier, the next milestone to monitor is around $1.60. If negative pressure increases and the support level at $1.46 is broken, the price may fall lower until the next support level at $1.40.
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