Recently, most of the coins traded and reached the overbought region of the market. Nonetheless, DASH, Cardano, and TRON are recovering after a downward correction. Dogecoin and Stellar have continued to trade in a sideways trend.
DASH/USD Major Trend: Bearish
On January 9, the bulls broke the downtrend line and had a price rally. The market reached a high of $154 and pulled back. The coin reached the overbought region and was repelled. DASH falls and finds support at a low of $100. After fluctuation above the support, the bulls make an upward move to retest the $140 resistance but were resisted.
The pair is on a downward move but has fallen to the low above $80. On the downside, if the selling pressure continues, the market will drop to a low of $40. DASH will move up to revisit the high of $140 if the support at $80 holds. DASH is falling as it reaches level 36 of the Relative Strength Index period 14.
DOGE/USD Major Trend: Ranging
Dogecoin has continued to be in a sideways trend since April 2019. The coin has not traded above $0.0035 price level since April 2019. The price has not gone below $0.0020 within the same period. In a nutshell, DOGE is fluctuating between $0.0020 and $0.0035. The bulls have made five unsuccessful attempts at the $0.0035 resistance to breaking above it.
The two false breakouts received immediate selling pressure as the price fell back to the range-bound zone. Unfortunately, neither the bulls nor the bears have broken the range-bound levels since inception. Meanwhile, DOGE has fallen to the oversold region below the 20% range. It implies that selling has been overdone. Indeed, buyers are likely to emerge to push the coin upward.
ADA/USD Major Trend: Bullish
Recently, Cardano was in an upward move as the coin reached a high of $0.07. The uptrend could have reached the previous highs but was hampered because the coin reached the overbought region of the market. At its recent high, sellers emerge to push the coin downward.
The subsequent downward move reached the low above $0.050. This low is a historical price level of July 2019. The current low has been holding for the past two days. The upward move will resume if the low at $0.050 holds. The Relative Strength Index has fallen to level 37. The RSI may run into the oversold region if ADA continues its downward move. The reverse will be the case if the ADA goes up.
TRON/USD Major Trend: Bullish
TRON, in its downward movement, fell to the low above $0.016. Before this time, the coin has earlier reached its peak price of $0.026. TRON was overbought at this peak price as sellers emerge to push price downward. Nonetheless, selling pressure is presumed to be exhausted as the price fell to the low above $0.016.
At the moment, TRON has fallen to the oversold region below 20% range of the daily stochastic. This implies that selling has been overdone, suggesting buyers emerge and take control of price. Nonetheless, as buyers come forward, the current support will hold as the upward move resume.
XLM/USD Major Trend: Ranging
Stellar has been in a sideways trend since July 2019. The coin has failed to trade above $0.090 resistance since the inception of the sideways trend. The bulls have made unsuccessful attempts at the resistance. At other times, the coin will reach the overbought region of the market and fall.
At the moment, Stellar has been on a downward move as the price approaches the low of $0.055. Meanwhile, XLM has fallen to level 38 of the daily Relative Strength Index. It means that the coin is falling and below the centerline line 50.
Charts via Tradingview
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez