Cryptocurrency markets have been struggling this week as most coins went down over 5% in the past 24 hours alone. Let’s take a look at some of our favorite cryptocurrencies – LINK, LEO and XMR – and see if the charts can tell us when the bloodbath will be over.
LINK/USD pair is today on a sideways trend. LINK/USD pair began the session trading at $2.74 that later on tested the significant resistance level that was found near $2.79. However, the price failed to jump above the $2.79 level, but instead, the market faced a dramatically fall that fluctuated the price to test strong support level defined near $2.54.
From around 04:00, a price recovery was exhibited that defined the current price at $2.64 that showed an intraday loss of about 3.6%. Better price digits can be expected since the RSI has currently gained some momentum and is above average, which shows an increase in buyouts.
At the press time, the short-term SMA is acting as the price support that gives a positive sign. Thus a sharp rise above the long-term SMA and a close above $2.66 could extend gains towards $3.00. Conversely, a downside correction below 2.54 could shift the trend downside to trade below $0.90 and $1.00 levels.
Leo token, on the other hand, is also bearish and has traded down by 1.11% over the intraday. LEO/USD pair is now hovering at $0.984 after failing to jump above $0.998 resistance level. This resulted in a tremendous fall, which later on tested the healthy support level that was defined near $0.982. However, despite the dip, the trend was sideways maybe due to indecisive market momentum, but the bears currently seemed to be on the throne.
Presence of a bearish engulfing candle was seen at around 18:00 and 08:00 that showed a sharp selloff. Besides, the moving averages also indicated a bearish sign throughout the intraday especially since the long-term SMA hovered above the short-term SMA over the last 24hs. Afterward, the dip is most likely to reduce investor’s sentiments, which is not advisable for investors to take a long position, for they may suffer significant losses.
Because the RSI is trading below average and both moving averages are above the price, further decline is highly possible. Therefore, a break below $0.982 may extend losses towards $0.80 and $0.79 in the short-term.
Conversely, XMR/USD pair is weeping losses, for it has dig dipper over the last 24hrs. In the market, there are descending channels formed that confirmed the bearish trend. The technical indicators have also given a bearish move. With the long-term SMA currently above the short-term SMA and the RSI heading towards the oversold region. That indicates a high increase in selloffs due to intense bearish pressure. XMR/USD pair is, therefore, down by 5.2%, having escalated from $58.553 to $55.491 that gave a negative outlook. However, the downside demonstration could end if the bulls could push the price above $57.000 level. That may trigger further gains above $65.000.
At the moment, many moves are indicating a bearish outlook. Thus a break below the lower channel and a close below $55.000 could extend losses towards $40.000 in the near-term.
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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