Altcoins Reach Bearish Exhaustion, Engage in Downward Correction amidst Bullish Expectation
Apr 13, 2020 at 09:05 //
News
The cryptocurrencies are in bear markets. The altcoins have all exhausted selling pressure and are in downward corrections. The bulls are making concerted efforts to push the price to the uptrend zone.
EOS/USD Major Trend: Bearish
EOS is in a bear market. In the last bearish impulse, EOS fell to $1.70 low. The pair rebounded at $1.70 low and resumed an uptrend. Initially, the bulls traded to the high of $2.50 and were resisted and the price fell to the low of $2.10. This resistance caused the pair to consolidate above $2.10. In April, EOS rebounded at the $2.35 low to reach a high of $2.80.
The bulls were unable to push the price above $2.80, but continue consolidation above $2.70. Nonetheless, the bulls’ failure to sustain above $2.70 resulted in the recent breakdown to $2.40 low. Presently, EOS is trading below 80% range of the daily stochastic. It means the market has bearish momentum.
DASH/USD Major Trend: Bearish
DASH is in a bear market. The bearish trend reached a low of $40 and DASH rebounded. The pair was at a price rally as it reached a high of $140. The bulls were resisted as the market corrected to the low of $100. The bulls made another attempt which resulted in the formation of a bearish double top.
The bearish double top pattern was responsible for the breakdown of EOS. EOS fell and retested the previous low of $40. The previous low of $40 is the historical price level of January. The support is holding as DASH rebounded again at the low of $40. The pair reached a high of $85 but was resisted. DASH is above the EMAs. It is currently at level 53 of the daily Relative Strength Index. The pair is likely to rise.
NEO/USD Major Trend: Bearish
NEO is in a bear market. During the bear market, NEO fell to a low of $8 and consolidated above the support. In January, the market was in an uptrend to reach a high of $17. Unfortunately, the pair reached the overbought region of the market. Sellers emerged at the overbought region to push NEO downward. Selling pressure continued to a low of $4. Presently, the market is making an upward move but faces resistance at $8. An upward move is possible because the resistance line has been broken. NEO is below 80% range of the daily stochastic. The pair has bearish momentum.
BSV/USD Major Trend: Bearish
Bitcoin SV is in a bear market. In the last bearish impulse, the market reached a low of $104. Immediately, the price rebounded at a low of $80 and BSV resumed its upward move. The bulls break and close above the resistance line of the descending channel. There was a change in trend as price reached a high of $220.
Unfortunately, the bulls encountered selling pressure at the $220 price level and it fell to the low of $180. On the upside, BSV is rising above the support to retest the $220 resistance level. Meanwhile, BSV is at level 55 of the Relative Strength index. The pair is likely to rise because it is in the uptrend zone and above centerline 50.
XZC/USD Major Trend: Bearish
Zcoin is in a bear market. In January, the market was in a bull market as it reached a high of $9. At the high of $9, XZC was in the overbought region of the market as indicated by the RSI. Immediately, sellers emerged in the overbought region to push the coin downward. The selling pressure continued to a low of $2.0. The bulls resumed upward movement as the current support holds. Zcoin has risen but it is currently facing resistance at $4. On the upside, if the resistance at $4 is broken, the market will reach the higher of $6.0. The pair is currently at level 49 of the Relative Strength Index. It means that the market is in the downtrend zone and below the centerline 50.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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