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ALT COIN MONERO BEARS SHALL DRIVE LOWER PRICE ACTION FAILS $135

Dalmas Ngetich
Dalmas Ngetich
4 years ago
3 mins read
alt coin Monero bears Daily chart

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It is now likely that alt coin Monero bears will drive prices lower after price action failed to close above $136 on 5 different occasions after November 12.

Generally, most alt coins other that NEM seem to be shedding their recent gains. Alt coin NEO is a perfect example.

Let’s look at the charts:

NEM INCHING HIGHER AND FURTHER FROM THE 20 PERIOD MA

alt coin NEO Daily chart
NEMUSD Daily Chart for November 20, 2017

After period of consolidation and NEM price action trending around the support zone of around $0.20, price action continued to swing higher yesterday.

As we can see with yesterday’s bullish candlestick which was also accompanied by buy momentum as stochastics momentum shows.

Note that after November 16 above average volumes and a bullish candlestick with a $0.08 Hi-Lo, NEM prices have been inching higher. Besides that, price action is gradually moving further away from the now support 20 period MA.

We recommend NEM bulls to continue loading their long positions.

DASH IS NOW CORRECTING LOWER AFTER TESTING $500

alt coin DASH Daily chart
DASHUSD Daily Chart for November 20, 2017

Even though we are net long and in sync with the weekly time frame trend, DASH became expensive on November 18. This was after DASH closed above the upper BB in the 4HR time frame.

On top of the over-extension, there was a bear divergence and consequently, we saw USD bulls driving prices lower and shedding $84 on November 19.

November 18 lows of around $410 will act as our immediate support now that bull momentum is decreasing even in the daily chart. Notice those lower lows relative to the upper BB.

$0.90 WILL DEFINE ALT COIN IOTA SHORT TERM TREND

alt coin IOTA Daily chart
IOTUSD Daily Chart for November 20, 2017

Despite the stochastic sell signal on November 18, IOTA prices continued to appreciate.

These IOTA higher highs and upper BB hugging hint at strong bull momentum. If IOTA bulls continue to rage, immediate resistance lines will be at $0.98 and $1.1.

For that to happen, we have to check price action for any close above November 16 highs of $0.90. Any close above that with no stochastic sell especially in the 4HR chart means bulls are in charge.

Otherwise if USD bulls jump in and drive prices lower, bears should initiate sells.

ALT COIN MONERO BEARS IN CHARGE AFTER PRICE ACTION TESTS $136

alt coin Monero bears Daily chart
XMRUSD Daily Chart for November 20, 2017

Even after 7 days of decreasing momentum and lower lows relative to the upper BB, alt coin Monero is still resilient and stagnating at resistance zone.

Judging from volumes chart, November 18 was bullish but prices were buoyed mainly by sentiment. Check out the participation levels which kept decreasing after November 12. In the 4HR chart, the path of least resistance is a correction towards immediate support at $120.

First of all notice that price action failed to close above September 9 highs of $136. With this realization, it is increasingly becoming likely that alt coin Monero bears shall push prices lower.

Even though Monero bulls inject momentum, prices have been closing with long upper wicks below $136 in the past 8 days. That itself is caution enough.

NEO HITS $45 BUT CORRECTION IS IMMINENT

alt coin NEO Daily chart
NEOUSD Daily Chart for November 20, 2017

After hitting bull targets on November 18, NEO is now retracing. The bull ride was very strong and abrupt. As a result, our triggers will be based on two things that will determine the short to intermediate term trend of this cryptocurrency.

The first one is the reaction at the main resistance-previous support-trend line on November 19. NEO prices reversed sharply after testing $45 which was also a key resistance line marking September 23 highs.

In the 4HR chart, there is a clear bear divergence after that USD drive on November 19. Other than the bear divergence on the 4HR chart, November 18 candlestick close was above the upper BB. This means NEO was temporarily over-valued and now prices is correcting low for equilibrium purposes.

Despite stochastics being bullish we have to see how today’s prices will close. That will largely depend on how prices will react around $34 support line.

All charts courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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