With the crypto market wilting under the weight of the present fearful times, three of the higher end altcoins are at, or near, major support levels once again - is this the time to buy?
Buy when the market is fearful?
Even Bitcoin holders are likely to be very fearful in these times of economic uncertainty. Therefore, going further up the risk curve into the altcoins, those putting long trades or investments on now, are made of sterner stuff.
However, the truly successful traders and investors are those who buy when the market is fearful. There is no doubt the market is in fear right now, but the question is: “is this the right time to buy?”
The market is almost at the crucial and pivotal stage where Bitcoin and crypto are going to restart the bull market, or they are going to take another big leg down - possibly into an early bear market.
$INJ good for a bounce from support?
Source: TradingView
Looking at the weekly time frame for Injective Protocol ($INJ), it can be seen that the price is sitting nicely on top of previous market structure. A weekly Stochastic RSI cross looks as though it may be confirmed at the end of the week, and if so, this would signal the momentum that could take the price back to the $32 resistance, and potentially beyond.
The price structure for $INJ is keeping to well delineated support and resistance levels, and should the price drop the current $17.50 level, there is very good support below at $13.70.
Stars aligning for $AVAX
Source: TradingView
Avalanche ($AVAX) has been ranging for a long, long time now - since early 2021 to be more precise. Having made an all-time high in the last bull market of $147, the price has danced below and above the important resistance/support level of $21.
With a very likely confirmation of a Stochastic RSI cross up above the 20 level at the end of this week, and having found support at $21 once again, with the added support of the 0.786 fibonacci level, the stars are aligning for $AVAX to head back to the upside. Buys could be made at the current level, and then down to the $21 support, with a tight stop loss below.
$RUNE at a great position for a buy
Source: TradingView
Thorchain ($RUNE) is at a great area for taking a long position. The price has broken through the downward trend line, and has now retested. This retest also confirmed the $3.90 price level as support. If the price did break down through this strong level of support, there is another very strong level of support at $3.10.
Upside targets for the near to medium term are at $6 (0.382 fibonacci), $8 at the $0.618 fibonacci, and $9.60 at the 0.786 fibonacci. The local high is just above this at $11.47, and this would need to be surpassed for $RUNE to avoid a failed rally, and continue to go higher.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
