Avalanche, NEAR, Algorand Price Analysis: 18 March
The past couple of days have seen Avalanche register strong gains in the market and reach a zone of supply. A retest of a former resistance level at $77.3 could be seen in the next few hours. NEAR has been trading within a range during March, while Algorand has seen some buying pressure recently and could push higher.
AVAX was trading within a descending channel (yellow) a couple of days ago and broke out decisively to reach the $81 supply zone (red box). This zone has had some significance in the past. For example, in early February, the price broke out past this area to test the $85 support, then retested $82 in search of demand and shot upward to reach $94 within the span of three days.
A similar scenario could unfold if AVAX can climb past the $82 area and flip it to a demand zone.
Near Protocol (NEAR)
The Volume Profile Visible Range tool showed the Value Area was within the range (yellow) from $9.65 to $11.8. This range has been important for NEAR in the month of March. The Point of Control lay at $10.43, which represented a strong support level for the price apart from the mid-range level of $10.72.
The RSI climbed past neutral 50 even as NEAR bounced from the POC and pushed past $10.72 which indicated that the price could be headed toward the range highs once more. The CMF was in neutral territory, and if this indicator climbs past +0.05, it would be more evidence of a bullish push toward the $11.8 range highs.
The trend had been bearish for ALGO in the past two weeks as the price set a series of lower highs on the charts. However, the past couple of days saw a break in the bearish market structure when the $0.73 level, a lower high in the downtrend, was broken.