On an hourly chart, XML/USD pair continues the downwards pressure. The downtrend was buttressed by the 21 day MA that gravitated above the 7 day MA that signaled a bearish outlook. XLM has down surged by 4.6%, having begun trading at $0.08982 and is currently at $0.08572 over the last 24hrs.
The pair’s price experienced sideways price movements after a price fall that placed new resistance level at $0.08986 and support level at $0.08572. Presence of a four-price Doji was also seen repeatedly. This showed that the market dealt with a small number of transactions.
The Relative Strength Index was also touching below level 30 at several instances that indicated an oversold market condition. This also showed that the bears had dominated the market momentum in the last 24hrs.
The market is at the moment recovering as reflected by the RSI indicator that has upped from level 29 to level 42. This also indicated the reluctance of traders to go short in anticipation of better prices.
The 21 day MA is still trading above the 7 day MA that indicated a strong bearish signal. This shows incoming bearish momentum in the next few hours. New targets should be set at $0.08200. The support level is imminent to be broken.
Like XLM, EOS/USD pair has also undergone a bearish outlook over the last 24hrs. EOS is down by 3.7% with a circulating supply of 923,253,298 coins. It started the sell-off at $4.4622 and is currently at $4.3032. The pair’s price faced a slight dip yesterday. The RSI X indicator that was seen trading below level 30, the oversold territory reflected this.
A sideways momentum that placed resistance level at $0.31635 and support level at $0.29914 followed the bearish momentum. Notably, both levels were tested severally. The RSI indicator was later seen heading upwards as it had moved from a low of 20.13 to a high of 49.75 that reflected an increase in buyouts.
Like XLM, the pair’s price RSI indicator is currently heading north which shows the unwillingness of traders to go short hoping for better prices.
At the press time, the 7 day has crossed over the 21 day MA. This indicates incoming bullish momentum. The resistance level is likely to be breached while the new target should be set at $4.5000.
BNB, on the other hand, is down by 5.7% over the last 24hrs. It began trading yesterday at $29.36 and is currently at $27.70, which showed a significant fall. The bearish pressure was supported by the 21 day MA that was seen gravitating above the 7 day MA.
BNB/USD pair saw a short-term period of consolidation below $28.73 level that was later dropped below $27.35 that confirmed the downtrend. The RSI indicator was also seen at 15:00 and at 0000h below level 30 that indicated the oversold market condition.
The dip in BNB price has affected investors sentiments negatively that led to lack of confidence in the coin as reflected by the RSI indicator that is currently trading flat. This also showed a lack of momentum in the market. Additionally, neither the bulls nor the bears have currently the upper hand.
The 21 day MA is still above the 7 day MA that indicates a bearish signal. A further downtrend is to be expected. New targets should be set at $26.1860.
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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