While IOTA sells, NEO bulls are finding support at $34 and pushing prices higher. DASH and Monero have a positive correlation and both are cooling off after both pairs printed record highs against the green back.
Bear momentum has since kicked off in both pairs but until a buy signal is printed with confirming bullish candlestick then buyers should begin loading their long positions.
Let’s look at the charts:
CLOSE ABOVE THE 20 PERIOD MA TO CONFIRM NEO BULL RESURGENCE
After November 17 resistance break out and close above the then resistance line at $34, NEO prices have proceeded to test $45 before the main resistance trend line-previous support capped further bulls run.
Now, $34 is acting as our support and this is in line with bullish break out trade strategies. As we can see, the past 48 price action is clearly bouncing off support thereby confirming $34 as a bull spring board and completing a break out retest. Any break above the 20 period MA means we go long.
DASH PRICES ARE FIRM EVEN THOUGH STOCHASTICS ARE BEARISH
The calmness that follows a storm is best exemplified by DASH price action in the past day.
Since the explosion which saw DASH gain and loss $330 within 8 hours on November 20 and 21, DASH has been generally bullish with small candlesticks.
However, in the last 24 hours, DASH trade range has been tight and moving within $50. That oscillation is between $550 minor support and highs of $600 printed on November 22.
The support line to take notice of is at $540 and should there be a strong close below $550 then there are chances that November 12 highs and now support will be breached.
We now take a wait and see approach now that there is a stochastic sell signal.
IOTA CRUMBLING AND DROPPING FROM $0.90 RESISTANCE LINE
Because of this apparent reduction of IOTA bull pressure, sellers are in charge. Check out that strong bearish candlestick closing below $0.90 resistance line and the 20 period MA.
It all shows the strength of USD bulls. Therefore to stay in trend, USD bulls should start selling and aim at immediate support of $0.73.
PRICE ACTION TEPID AFTER MONERO PRINTS RECORD HIGHS ON NOVEMBER 22
Monero and DASH have a positive correlation and we can easily note that from their respective price action characteristics.
The weekly trend is definitely bullish after that humongous rally last week and the complementing bull move this week which pushed Monero to new highs. It looks like momentum is fading though.
Already there is a stochastic sell signal in place following those double bar reversal candlesticks on November 23. Any appreciation without momentum is all hot air. As long as $173 stands, USD bulls should fade the market but with extreme caution since we are in a bullish trend.
Otherwise, conservatives should wait until a stochastic buy signal shows before entering long positions.
CLOSE ABOVE MINOR WEDGE AND $0.208 DEFINITIVE FOR NEM BULLS
After yesterday’s close below the 20 period MA, NEM price action has been trending within a wedge.
Notice those lower highs and higher lows over the past 12 hours. Besides that, the 20 period MA has been successful in capping NEM appreciation below $0.208.
All in all, as mentioned, price action is within a $0.04 range. For bull momentum to continue, they must break and close this minor wedge.
There is a stochastics buy signal meaning some bull pressure is building up. As a result, chances of a bull break out from the minor resistance trend line are high.
All charts courtesy of Trading View