Ethereum, Monero, Dash Price Analysis: 07 November
The Crypto Fear and Greed Index stood at 88, after yesterday’s 90. For context, this index showed 83 and 79 on consecutive days and dropped to 40 in September when BTC dropped from near $12,000 to $9700. Ethereum was strongly bullish both technically and fundamentally and could post further gains after a minor pullback. Monero moved sideways in the last week of October even as many other coins posted significant losses which was a sign of strength for XMR. Dash did not drop below $60 and recovered swiftly.
Ethereum [ETH]
The region from $385 to $400 has been a strong region of resistance for ETH, and its recent surge past was a signal of bullish strength.
The white ascending trendline from March, as well as the descending channel (cyan), showed that $360 would be pivotal for ETH. A move below could signal bearishness over a period of weeks.
However, ETH pumped on the news about ETH 2.0, as well as possibly funds flowing back into alts from Bitcoin. Most of the rest of the market also found a local bottom and saw surges to varying degrees.
For ETH, the RSI was moving in the overbought territory and a pullback to support at $450 for ETH was likely. A pullback could go as low as $420, and a move beneath this level would cast doubt on the bullish momentum of the crypto asset.
The next major level of resistance for ETH lies at $480.
Monero [XMR]
XMR has been somewhat rangebound over the past month, trading between the levels at $115 and $135 for the most part. The most recent move beneath $115 was signaled another huge wave of selling pressure for the asset, but the bulls stepped in with force and force the price back above support.
The same bulls would be eyeing $135 as the next target, with some resistance to be found at $127.
The MACD formed a bullish crossover beneath the zero line and showed strong upward momentum for the crypto-asset.
A surge past $135 over the next few days would set the psychologically important level at $150 as a target.
Dash [DASH]
The Directional Movement Index showed DASH had begun a strong uptrend, as the ADX (yellow) climbed above 20 on the indicator, while the +DI (blue) indicated a bullish trend.
The crypto-asset also moved above the 50 and 100 period moving averages (yellow and pink respectively), suggesting that the downtrend of the past couple of weeks has reversed.
DASH could retest the $70 region and confirm its flip from resistance to support in the coming hours.
OhNoCrypto
via https://www.ohnocrypto.com
Akashnath Sumukar, @KhareemSudlow
