MANA, GALA, and MATIC saw oversold conditions on the 4hr Relative Strength Index as the global sentiment worsened over the past 24 hours. However, Decentraland needed to overcome the $2.6-level to confront the supply region while Polygon struggled to gain momentum to flip the $1.5-mark.
Polygon (MATIC)
MATIC recorded a 54.25% drop after touching its ATH on December 27 at $2.92. That had Polygon hitting 3-month lows on January 24. However, the alt stepped in within no time, translating to a 61.9% ROI up to February 10.
Nevertheless, bears emerged as bulls filed to protect the $1.8-mark, then the Point of Control around the $1.5 level. This area matches the 61.8% FIB support. Meanwhile, buyers kept the support of $1.3. Any bullish resurgence would discover a testing level near the POC.
While publishing this article, MATIC traded at $1.39. The Relative Strength Index saw a steep drop toward the oversold territory. Recovery from this area will test the ceiling around 37. Moreover, the Chaikin Money Flow showed sellers’ preference while flashing revival signals.
Decentraland (MANA)
MANA experienced a whopping 107.4% ROI up to February 9. That came after the metaverse token hit 11-week lows on January 22. Then, Decentraland saw an upward channel breakdown, piercing critical price zones.
The crypto witnessed two downside channels on the 4hr chart within the past 12 days. The latest downside channel breakout saw reversals from 50EMA, confirming a bearish case. Furthermore, the bearish engulfing candle formed a massive supply region at $2.7 – $2.9. Decentraland lost over 15% within the previous day as bulls kept the support at $2.4. Any comeback would discover resistance around the $2.4 level, then the supply territory.
While publishing this article, Decentraland changed hands near $2.47. The Relative Strength Index neared the oversold territory. As a result, the indicator dipped into the rebirth phase, eyeing 41-resistance. Moreover, the MACD highlighted massive bearish preference amid yesterday’s colossal sell-off.
GALA
GALA had its bullish momentum fading after failing to overcome the resistance at $0.421. Losing this area had GALA dropping half of its price, hitting 2-month lows on January 22. Meanwhile, it secured an oscillation range from $0.37 to $0.15 over the past month.
The latest crash period pushed the alt beneath the Bollinger Bands’ mean. After that, the alt tested the BB’s lower band amid bearish pressure. Reversals around this level would see the token at the resistance of $2.6. While publishing this content, GALA hovered around $0.224. The Relative Strength Index saw a significant decline towards the oversold area. A close beyond this mark would clear the path to the resistance of 36.
James Thompson