Another slow day in the cryptocurrency world as most coins are trading sideways. As the weekend approaches it’s unlikely we will see any major moves. Let’s take a look at our favorite cryptocurrencies and see if the charts tell us anything.
IOTA/USD pair exhibited a mixed reaction as it moved horizontally between the critical resistances level $0.2370 and support level $0.2329. However, starting from noon, an upside trend line (X) was formed that reflected an upside correction. The pair’s price shifted from where it opened the market trading at $0.2345 to the current price that is at $0.2383. That translates to an upside gain of about 1.59%, in the past 24hrs. Additionally, a strong bullish move was seen when the pair’s price breached the resistance level $0.2370 at around 06:00 that gave a positive sign. Thus buyers are dominating the momentum, therefore, an increase in buying pressure is likely.
More Bull Run is likely since most technical indicators suggest so. The moving averages have turned from signaling a bearish sign to indicating a bullish sign. The RSI is also above average and is pointing towards the positive territory that suggest further bullish outlook. An upward rally near $0.2460 should be expected.
ADA/USD pair has been trading in a range, with high volatility levels. However, it has recorded an uptrend of almost 2% over the intraday, slumping from where the market opened at $0.0443 to currently changing hands at $0.0451. ADA/USD pair surged upside at the beginning of the day from $0.0443 to $0.0460 before slumping slowly down to the current price.
In terms of technical indicators, a bearish pressure may continue as suggested by the moving averages that are now giving a bearish outlook. The RSI has also dipped from trading near the positive zone to below average. This suggests a further lower correction; thus an increase in sellouts.
If buyers failed to take over the momentum, then sellers may push the price further down past the critical support level $0.0451. If sellers become successful a dip near $0.030 is possible, but if the support is strong enough, an upward bounce may be encountered that may turn the bearish momentum to bullish momentum above resistance level $0.0462.
XMR/USD has given a bullish performance, with an intraday upsurge of 1.8%, having moved from $72.188 to $73.486. The XMR fluctuated upside to a high of $75.7143 before a slight deep that embarked to a steady flow. A short-term period of consolidation below $73.2000 was seen from around 14:00 to 08:00, whereby a breakout is anticipated shortly.
Besides, the RSI is flattish between the midpoints that suggest a range-bound for a short-term, before a downside correction; therefore, the market is currently lacking dominance. However, the long-term SMA has broken above the short-term SMA that suggests incoming bearish outlook.
If the price drop below $71.5000, then a bearish trend is likely to continue. Conversely, traders should go long if the bulls manages to break the price past $75.5000.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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