Cryptoсurrencies Surge Ahead Amidst Bears’ Resistance
May 03, 2020 at 10:00 //
News
In recent times, most cryptocurrencies are faring well as the cryptos trade in bull markets. The recent surge of Bitcoin has pushed the listed coins to rise. Dogecoin and Skycpoin are making impressive runs. The coins are likely to be out of the downtrend zone with a break above their respective resistance lines.
DASH/USD major trend: bullish
Dash is in a bull market as it reached a high of $83. It is making a series of higher highs and higher lows. Presently, it is also facing a minor resistance at $88. Buyers have been repelled on two occasions while attempting to break the resistance. On each occasion, the market will fall to $80 low. DASH will attain a new high of $95 if the $88 resistance is breached. The crypto is currently trading below the $88 resistance. DASH is above 60% range of the daily stochastic. This implies that the market has bullish momentum.
DOGE/USD major trend: bullish
Dogecoin is also in a bull market as it reaches a high of $0.0027. Buyers are attempting to penetrate the current resistance at $0.0027. As the market continues its uptrend, a break above the resistance line of the channel will propel DOGE to be out of the downtrend zone. The crypto will be confined in the channel; if it fails to break the resistance line. Nonetheless, if the bulls are successful at the $0.0027 resistance, the market will rally to $0.0032. Presently, the DOGE is at level 66 of the Relative Strength Index period 14. This explains that the market is in the uptrend zone. The uptrend is ongoing.
EOS/USD major trend: bullish
EOS rebounded at the $2.70 low but failed to penetrate the $3.10 resistance. It was immediately repelled as it fell to $2.80. The bulls are making a repeat retest at the resistance. EOS will resume its uptrend if the bulls overcome the $3.10 resistance. The market will be compelled to a sideways move if the bulls fail to breach the resistance. EOS is presently above 60% range of the daily stochastic, indicating that the coin has bullish momentum.
NEO/USD major trend: bullish
NEO is in a bull market. The price is making a series of higher highs and higher lows. NEO rebounded at $8.50 low and rallied to $9.50. Subsequently, buyers were repelled as the market fell to $8.80 low. Buyers are unrelenting as they continue to push prices higher. At the moment, if the price breaks the resistance line of the channel and closes above it, NEO will rally above $12. NEO is rising as it is at level 65 of the Relative Strength Index period 14. The coin is in the uptrend zone and may rise.
SKY/USD major trend: bullish
Recently, Skycoin rebounded at a low of $0.44 and rallied to a $0.50 high. The uptrend was hampered as a result of the resistance at $0.50. The market dropped to $0.44 low. After consolidating above the current support, a retest was made at the resistance; the SKY is still being resisted. Possibly, the resistance at $0.50 can be broken if the market rebounds but may face another resistance at $0.60. Skycoin is likely to rally to $0.75 if the two resistance levels are breached. Meanwhile, the crypto is trading at level 65 of the Relative Strength Index period 14. Skycoin will continue its upward move.
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