On today’s intraday chart, NEO/USD has noted a remarkable downside move with a strong bearish trend line formed that also signaled a bearish bias. NEO’s price tumbled from where it began the session at $9.5713 to where is presently trading at $8.6780.
Additionally, the moving averages also suggested the downtrend since the 21 day MA (A) gravitated above the 7 day MA (B) over the last 24hrs. However, a notable price drop of 9.3% was encountered. The RSI indicator (C) is at present seen below the negative zone showing that the bears are in control, contributing to the increase in sellouts.
Continuous downside movement is anticipated since almost all the indicators point at a bearish sign. The long-term SMA line (A) is still above the short-term SMA line (B), and the RSI indicator is heading south ways. A break below $8.6000 may hit further dip near $7.0000.
Like NEO, ZEC/USD has also shown a strong downward pressure, dipping by almost 10% from $49.9656 to its current value of $45.1685. Apparently, the coin first consolidated between $50.3362 and 49.2215 before sharply tumbling down to a low of $45.2716 at around 18:00. This was followed by a steady flow below support level $45.1500.
The bearish outlook seemed to have gain support from the long term SMA line (A) that has been hovering above the short term SMA line (B). In addition, the RSI indicator that is now below level 30 shows that sellers are in control.
Despite the dip, there is hope for an upward price rally; this is since the RSI is currently trading below the oversold region that marks a potential rate increase. Therefore, investors could plan to go long and perhaps take profit near $48.0000.
DASH/USD pair has also scaled low as the bears dominate the market momentum. The pair’s price-performance was very disappointing for investors since the price has massively dropped almost by 12.38% in just 24hrs. DASH cryptocurrency escalated from $89.620 to the current value of $78.600.
An increase of intense selling pressure was also signaled by the moving averages where the long-term SMA line hovered above the short-term SMA line throughout the day. The market also formed an active bearish trend line the reflected the bearish pressure.
Additionally, the RSI that is currently hovering around the oversold zone give investors a buy sign since it signals a potential rate increase in the near term.
There is a slight hope for the investors since both the moving averages are trading above the candles. If the bulls up their move and break above the $82.0000 level an upward rally near $88.00 is most likely. Investors should start preparing to go long.
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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