IOTA and Solana didn’t display massive trading volumes within the past few days, and they were yet to present a ‘buy’ opportunity at this publication. Nevertheless, the alts exhibited bullish trends. Also, Convex Finance appeared massive bullish on its charts.
The Point of Control (POC) stands at $136 (according to the Volume Profile Visible Range). Remember, this zone has acted as a resistance zone for the past couple of days. Moreover, the area offered support early this year, so t’s a significant level for SOL.
Furthermore, the VPVR identified another high-volume node at $122. Thus, investors can use these two levels to sell and buy SOL in the near term. Also, the FB retracement zones presented some confluence to make the $122 to $125 zone a buy area.
The Awesome Oscillator and RSI exhibited neutral strength, meaning patience was essential before SOL revealed an opportunity in the coming hours.
IOTA exhibits an optimistic order block around the $0.83 mark. The alt has met resistance at the level before flipping it to demand within the previous ten days. Thus, a retest in the zone might mean a near-term ‘buy’ opportunity.
The 21-period and 55-period Simple Moving Averages printed a bearish cross some few days ago, whereas the Relative Strength Index declined to below the neutral 50. That means a bearish strength for the alternative token. However, the CVD didn’t favor sellers or buyers.
Convex Finance (CVX)
Experts used the last week’s upward move to $39.88 from $27.77 to plot FIB extension and retracement levels. Furthermore, the horizontal footholds and resistance zones around $35.90, $39.40, and $43.1 remain crucial zones for the CVX within the coming few days.
The Relative Strength Index surged beyond neutral 50 to hover around the 58.36 level. Meanwhile, the Moving Average Convergence Divergence created an optimistic cross beyond the zero line, denoting surging bullish momentum.
The on-balance volume also retraced as the CVX plunged towards $35 while rising again. Thus, a move to $39, then $43, seemed possible.
Meanwhile, the altcoins’ trends will depend on Bitcoin’s directional bias. While publishing this article, Bitcoin traded at $46,722.87, surging 1.47% within the past day. More surges will trigger bullish reactions within the altcoin marketplace.