Cryptocurrency markets have started October with an unexpected surge. The postponement of the closing date in the United States until November has somewhat alleviated investors’ fears and concerns. If the expected positive developments by the SEC occur, there will be a significant rally, which everyone agrees on.
A significant movement has begun in the Avalanche ecosystem with the SocialFi hype. Users who want to trade on the platform have started buying Avax, which has positively reflected on the charts. The rising channel formation seen in the two-hour chart summarizes this situation very well.
The important support levels to be followed for Avax are respectively $9.47, $9.36, and $9.22. A closing below the $9.36 level would disrupt the channel formation and accelerate the decline. The resistance levels that need to be carefully monitored are $9.61, $9.72, and $9.82, respectively.
The needle structures of the bar formations and the bull and bear traps built on both support and resistance lines in the two-hour chart indicate a volumeless formation in this altcoin. Breaking the resistance line in this pair, which requires cautious trading for futures traders, can initiate a significant increase.
The support levels that need to be followed for Ceek are respectively $0.03772, $0.03750, and $0.03733. A two-hour bar closing below the $0.03733 level could pave the way for a significant decrease. The resistance levels that need to be monitored are $0.03800, $0.03826, and $0.03859, respectively.
Luna has recently experienced significant increases by adhering to only one resistance line. Although there is a significant lack of trust in this pair, the pinpoint accuracy of the resistance line is quite remarkable.
The support levels that need to be followed for Luna are respectively $0.00006248, $0.00006184, and $0.00006110. A four-hour bar closing below $0.00006248 would cause the breakthrough of the resistance line that has been in effect for almost 10 days and accelerate the decline. The resistance levels that need to be noted for Luna are $0.00006395, $0.00006453, and $0.00006522, respectively.