Numerous altcoins are facing a recovery while panic is leaving financial markets
With over $200 billion pumped back into the cryptocurrency market, the top 10 altcoins like Luna, Cardano, and Solana are entering the active recovery phase and regaining 10-20% of their value in the past 24 hours.
Cardano exits oversold zone
Yesterday, U.Today reported that ADA’s Relative Strength Index has entered the extremely oversold zone by dropping below values of 30. Whenever an indicator shows that the assets are oversold, a short-term rebound should be expected by the market.
In the case of ADA, the rally came even earlier than expected, with the token having recovered at least 10% of its value in the last 24 hours. But at the same time, the rally is purely speculative, with no major resistance points broken.
At press time, ADA trades at $0.8 and still moves in the amplitude downtrend that has caused at least a 70% loss for all Cardano investors.
Luna leads the recovery rally
Luna remains among the leaders of the current rally with a price increase of 25% in the last 24 hours. Yesterday, LUNA plunged 16% and hit a 200-day moving average, which could have prompted an even steeper decline.
At press time, Luna trades at $64 and breaks through the 50-day moving average, which is usually considered the first signal of the beginning of the mid-term uptrend on the market.
Solana follows the market
Despite a more down-to-earth performance, Solana was still able to earn almost half the value lost yesterday. But despite a short-term recovery, SOL is still trading in the downtrend that caused a 27% loss.
At press time, Solana is trading at $87 while reaching $75 amid yesterday’s market sell-off.
