It’s been an exciting couple of weeks for the cryptosphere. And last seven days Do you know the Japanese saying “may you live in interesting times”? Well, it’s meant as a curse. But the only way to survive some interesting times (as the current crypto market) is to keep updated with the relevant news so you’ll be ready to take advantage of excellent opportunities when they come along. In that spirit, here’s the latest price analysis for ten different digital assets.
Support levels are supposed to mark the bottom of a fall. But waterfall declines don’t care about that, so you never know when the fall stops. The reactions are very short-lived (no more than three days). Bitcoin tried to recover and stay above $12,000 mark, and it failed at $11,799.74. And now as we write this, BTC keeps going down and might fall till $11,500 as the day ends. RSI is rooted in the oversold zone, and the moving averages are also on a downtrend. The market belongs to the bear. But, nevertheless, bulls seem to be fighting hard.
The first support level is $11,500, then $11,000, and then $ 10,500. A recovery, if we should see one anytime soon will face some serious resistance at $12,000 now.
While buying cheap is always the idea, the most prudent move would be to wait until the low level becomes stable, and not to buy during a free fall.
Ripple’s XRP (XRP/USD)
Not too long ago, XRP was outperforming everybody. That has changed now. It’s still going down and broken the uptrend line down, so it’s not free of the bear’s hug. But it remains entirely above its lows, unlike most other coins.
Technical parameters indicate that supply is outpacing demand.
The current support level is $0.37185, and then $0.34913. The XRP/USD pair could consolidate if the price scales above the uptrend line and the moving averages go flat. The outlook is neutral as we write, but it’s better to stay away for now.
Ethereum can’t find buyers anymore for a while. It got stalled at $300 level after significant rise recently, which points to lack of buying support.
Sellers are trying to bring the price down all the way to the next support level ($270). It will likely pull back as it reaches the support level (that’s the point of a support level). But even in that context, it would be too hopeful to start an ETH trade because of that. Wait for a new setup before seriously considering a trade.
The critical resistance level (which is really unlikely to be reached right now) is at $288.32. This bit of info is actually useless right now when it’s going stiffly down, but we give it to you for completeness.
Stellar Lumens (XLM/USD)
Stellar (XLM) is near a critical level of $0.101045. If the bears break it, it will go down, and it could reach $0.1547188 (as in last March 18th) or of $0.138565 (as in last December 22nd)
But the bulls could break the critical level upwards, in which case it could go up, moderately.
For Stellar Lumens (XLM), as with many other coins in the current mayhem, it’s better to wait for a better setup before deciding on a trade.
EOS broke its critical support level at $8.8723. Yet, it hasn’t plummeted, but it hasn’t rebounded either. So there seems to be enough support at lower levels. The RSI also suggests a recovery attempt is in the works.
If the bulls can overcome the $6.8723, then a move above $8.493 is possible. It will be a milestone as the 20-day EMA is the same. But if the pair doesn’t go over the current level, it could go down all the way to $5.00. There are no signs of an imminent bull run, so it’s not a good time to get in.
Buyers have held Litecoin’s support level fast at $119 for three days in a row, but have failed to make it go up that much.
The RSI is oversold, however, so a pullback is likely. Resistance will come at the $123–$126.49 zone as prices rise. But, the bears can still carry the day, and then the support zone would be $117–$115.653, and Litecoin could fall as far as $110.00.
Cardano’s ADA (ADA/USD)
Cardano attempted a pullback, but it could not get over the ten-cent level, and now the price is back at a support level of $0.086. If it breaks out downwards of the support level, it could go down to the next support level at $0.080354.
But if the bulls have the day, it will keep trying to go over $0.09. If it does it could reach $0.093105 and then it will find resistance there, because it was a previous support level. The 20-day EMA is close to that level too, so that will add to the resistance.
The bulls went for Monero recently, too. But they got stuck at $98. As a result, the price went down yet again.
The current danger for Monero is that it could go lower than $90. If that happens, then it could go further down to $81.
If this digital asset can find buyers at the current levels, then we will see a new attempt to break the $99 level. If the bulls succeed and cross the current critical level, then the pullback could keep on going to the next resistance level, which is at $105.
Tron’s Tronix (TRX/USD)
Tronix was at a weird level. It was a previous support level turned into a resistance level at $0.03158. It was stuck there for some time. The good news is that the bulls managed to hold prices above the low level of $0.3022194.
The chances are that the bulls will attack again and try to take Tronix above $0.03587681 and then keep going until they reach the next resistance level at $0.0393.
While we don’t expect Tronix to go under $0.0300194, it could happen. Then, it’s not unthinkable that it will go down to the next support level at $0.02744479.
Dash is still trading around the descending channel’s support level, which comes to show that sellers have the market for the time being. Any breakdown in the channel will be a bad thing and will push DASH downwards to the next support level ($160).
If support holds, the bulls will attack again and try to bring the token back to $170 and beyond, all the way to the overhead $187.68 resistance level. This could be a good coin to take long positions, but only if and when a trend reversal becomes evident.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.