Cryptocurrencies Head Towards Oversold Region amidst Breakdown
Dec 08, 2019 at 17:32 //
News
Crypto currencies are in a bear market as coins face selling pressure at the bottom of the chart. The other coins are in a period of consolidation to rebound. The markets are characterized by small body candlesticks like the Doji and Spinning tops which described the indecision between buyers and sellers. The coins may face breakdown or breakout as it consolidates at the oversold region.
ONT /USD Major Trend: Bearish
ONT fell to the support at $0.55 and commenced consolidation above the support level. In retrospect, ONT had been in a bear market since June. In the bear market, the coin drops from a high of $1.80 to $0.55 in September. After a period of Consolidation, the price corrected upward but was repelled. ONT fell back to the support at $0.55.
The coin is currently trading above the support level at $0.55. From the Fibonacci tool, a bullish candlestick tested the $0.786 retracement level which indicates that the coin will fall and reverse at the 1.272 extension level. From the price action, the coin has reversed but it is still facing selling pressure at the critical support level. A break below $0.55 will mean a resumption of the downtrend.
HOT /USD Major Trend: Ranging
The coin has fallen to its previous low but is ranging at the bottom of the chart. It fluctuates between the levels of $0.004 and $0.010. The price breaks out of its range and falls to a low of $ 0.00265. This is the current low of the coin. The bearish trend will reach if the price breaks below the support at $0.0265. The coin has reached the oversold region below 20% of the stochastic indicator meaning that it is in a bearish momentum.
ZRX/USD Major Trend: Ranging
The pair is currently falling but the bulls have found the overhead resistance at $0.35 a difficult hurdle to jump over. The bulls have tested the resistance line on more than three occasions but to no avail. Instead, the coin nosedived to a low of $0.1500 and move up again. 0x is now fluctuating between the levels of $0.1500 and $0.3500. An upward movement is likely if the market breaks through the resistance line at $0.3500. The sideways trend will continue if the level remains unbroken.
ZEC /USD Major Trend: Bearish
Zcash is on a bearish run as the market falls to a low of $59 from a high of $110. According to the Fibonacci tool the market is expected to fall and reverse at the 1.272 extension level. That is the coin should have fallen and reversed at the low of $50 but the selling pressure extended to $29. The coin is now trading above the above 60% range of the stochastic indicator. Zcash is now trading in a bullish momentum as the price breaks above the 12-day EMA. A break above the EMAs will push Zcash in the bullish trend zone. Similarly, a break above the $50 resistance level will see the coin out of the downtrend zone.
XZC/USD Major Trend: Bearish
Zcoin has fallen to a new yearly low of $3.40. The bears tested the previous low twice before breaking below it. The coin is consolidating above the support at $3.40. Zcoin may depreciate to the next support if the current support is breached. However, a move above the EMAs will propel the coin to rise. An upward move will push the price to retest the previous lows of $4.30 and $6.0. Meanwhile, the coin is level 33 approaching the oversold region of the daily Relative Strength Index.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://ift.tt/2PblI7a @coinidol.com By Coin Idol, @Khareem Sudlow