After impressive rallies, alt coin DASH and Monero are testing critical resistance levels. Of course this pump is largely because of that aborted Bitcoin Segwit 2X hard fork after lack of consensus. Should price action close above these levels, then we expect more bull pressure to build up. Here is a review of other alt coin price action.
ALT COIN NEM BROKE ABOVE RESISTANCE $0.20
Alt coin NEM bullish momentum continued after November 9 surge and close above $0.20. Because of NEM breaching the 20 period MA and the main support line, testing of this bullish momentum was necessary.
The resulting bullish confirmation moved NEM $0.05 to the upside and tested the main resistance trend line at $0.23. In sync with our prediction, the lower limit of the bull target at $0.22 has been hit as a result.
Should alt coin NEM bulls extend their rally and price close above $0.22, the upper limit at $0.25 looks feasible.
ALT COIN DASH DASH IS TESTING $335 THE LOWER LIMIT OF RESISTANCE ZONE
Pasting the Fibonacci retracement tool between August and September Hi-Lo, we notice that the zone between $335 and $370 represents a 60%-80% correction from September lows of $220. As such, there must be some reaction. A sell signal at 38.2% or 23.6% Fibonacci retracement levels is definitely a hint of USD bull pressure.
Overly, we remain bullish as the weekly chart price action charted higher after bouncing off the 20 period MA main support line.
KEY RESISTANCE LEVEL ABOVE $0.50 BROKEN BY IOTA
IOTA as a digital asset is at very important price levels. Remember since the alt time highs of $1.3, it is trading at less than 30% of its original price and this is awesome if you want to invest long term.
Buying now means that you are getting this token on a discount. Technically, alt coin IOTA achieved another milestone after breaking above $0.50 resistance level. As previous price action shows, this was a level of resistance at October 12 and 24. $0.50 was also previous support between September 16 and 22.
If alt coin IOTA bull pressure continues, the likelihood of take profit execution at $0.61 is high.
AFTER CLOSING ABOVE BB SQUEEZE, MONERO IS $34 SHY OF $155
First thing first, after alt coin Monero price action broke and closed above the squeeze at $100, it has gained a massive $18. At current prices, it is $34 shy from $152 all times high.
Most importantly, price action closed above the resistance line connecting August 28 and September 2 highs at $114. It is worth noting that alt coin Monero price action found significant support at $80. This perfect anchor was also the 23.6% of August September Hi-Lo retracement between $152 and $62. Historical price action behavior shows that any bounce off the Fibonacci 23.6% leads to a retest of the 100% level.
In our case that is August highs at $152. Before then, we should anticipate resistance at around $133. But since buy momentum is high, buyers should move their stop loss to break even.
NEO IS TRADING ABOVE BULL FLAG PRICE RANGE
Alt coin NEO bull pressure continue to push prices higher with yesterday’s closing above the main resistance line at $32.
In fact that is above the upper limit of our resistance zone of $30. Additionally NEO price action shows that $32 is a close above the bull flag. This flag has been confining prices between October 2 highs of $40 and November 3 lows of 24.
Immediate bull target is at $40 but there is a chance that alt coin NEO might test the 161.8% Fibonacci extension level at $55 drawn between $40 and$13 Hi-Los. Coincidentally, that is NEO’s all time highs of $55.
All charts courtesy of Trading View