Cryptocurrency Slowly Recovers as Buyers Fail to Emerge
Jan 13, 2020 at 08:58 //
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This week Monero and Bitcoin SV are performing creditably as the coins are trading above the EMAs. In their respective moves, the coins are facing resistance at a higher price level. This is largely due to a lack of buying power to push the coin upward. Maker is the only coin that had been in a sideways move since April. Lastly, Stellar and Binance Coin's selling pressure has overdone.
XMR/USD Major Trend: Bullish
The erstwhile bear market of Monero is presumed to have been terminated. On January 3, the resistance line was breached and the price closed over it. This signifies that the downtrend has been terminated. Monero has already resumed an upward move. It is below the resistance at $60 as the bulls fail to break over it.
XLM/USD Major Trend: Bearish
The pair has long been in a downtrend and selling pressure has been overdone. At the $0.043 low, bulls are supposed to take possession of the price. Insufficient buyers at the lower levels of price have caused the inability of price upward movement. Nonetheless, XLM had been consolidating over $0.043low since December 17. XLM will retest the $0.06 resistance if the EMAs are breached. Presently, the Fibonacci indicates that XLM ought to have been reversed at the 1.272 extension level.
MKR/USD Major Trend: Ranging
Maker had been in a sideways move since April 2019. At present, it is fluctuating between $400 and $700. Interestingly, the bears still have an upper hand as Maker trades beneath $500. Maker is currently at the overbought area of the daily stochastic. It shows that Maker is in bullish momentum. When a price is in the overbought region the bears are likely to come in. Maker is relatively stable and relevant for position traders.
BSV/USD Major Trend: Bullish
Bitcoin SV had reversed since October 2019 after the downtrend line was breached.
The uptrend has been hampered by insufficient buyers at a higher price level. Recently, BSV made remarkable moves which earned it a price of $180. Regrettably, BSV drops again and fluctuates between $140 and $180. Nonetheless, if BSV had gotten the initial success over $180 resistance, BSV would have been out of the downtrend zone. Possibly a retest is likely as the market makes another move at $180.
BNB/USD Major Trend: Bearish
Binance Coin is still in a bear market that began in July 2019. BNB had its last bearish impulse on December 17, at $12 low. BNB is making encouraging moves as it breaks over the EMAs.
The coin is rising and may break the resistance at $16. We expect that BNB will above $20 if the bulls are successful. Hopefully, we will assume that the pair is out of the bear market.
Meanwhile, Binance Coin is above 60% range of the daily stochastic signifying BNB is rising.
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://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow