Altcoins Face Selling Pressure as Markets Reach the Oversold Regions
Mar 16, 2020 at 10:41 //
News
Enjin Coin, Holo Coin, Ontology and VeChain are in a sideways trend as the coins fail to break their respective overhead resistances. OmiseGo is in the overbought region as the market crashes to its low.
ENJ/USD Major Trend: Ranging
Enjin Coin was previously in a sideways trend since July 2019. In February, the bulls break the $0.1000 resistance and price reached a high of $0.169000. The price was resisted as it pulled above the support of $0.1000. The bulls made a second unsuccessful attempt at the $0.16900 resistance and the market finally dropped to the lower price range.
Enjin Coin is likely to resume a range-bound movement within the confined range. It lacks buying power at a higher price level. The pair is in the oversold region of the market. We expect buyers to emerge to push the coins upward.
HOT/USD Major Trend: Ranging
Holo coin had been in a range-bound movement since August 2018. The pair has been in a serious sideways trend with choppy price action. The range-bound levels of $0.001 and $0.0100 have not been broken as the market continues its sideways trend.
Today, HOT is approaching the lower price range of the horizontal channel. On March 16, the bears are having the upper hand as the lower price range may be breached. However, HOT is level 40 of the Relative Strength Index indicating that the market is in a sideways trend.
OMG/USD Major Trend: Bearish
OmiseGo coin is presently in a bear market. The coin has moved from a bear market to a bull market. OMG is in a bear market. In the bull market, OMG reached a high of $1.400 and was overbought. Sellers emerged in the overbought region, and OMG resumed its downward movement.
The market dropped from a high of $1.400 to a low of $0.49. The sharp fall to the low of $0.49 makes the coin to be in an oversold region. In other words, OMG will make an upward move as buyers are likely to emerge.
ONT/USD Major Trend: Ranging
Ontology has been in a sideways trend since July 2019. The coin has been trading below $1.100 resistance. The bulls have not been able to break the resistance as the market continues to trade below it.
Recently in February, the bulls tested the overhead resistance and were resisted. The coin dropped sharply to a low of $0.346. Meanwhile, ONT is at level 25 of the Relative Strength Index. This indicates that the coin is an oversold region and that buyers are likely to emerge.
VET/USD Major Trend: Ranging
VeChain is currently in a sideways trend since November 2019. The bulls have made three unsuccessful attempts to break the resistance. In the first and second attempt the bulls were resisted and the market fell to the low of $0.005. In the third attempt, the market fell sharply to a low of $0.002.
Meanwhile, VET is at level 33 of the Relative Strength Index. The coin is approaching the oversold region of the market.
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