Price Analysis: Monero (XMR), EOS, Ethereum Classic (ETC)
- Monero failed to clear resistance above $78, drops heavily over a day
- XMR is heading towards the key support level of $77
- EOS has been extending its price drop since today morning, as yesterday’s rebound saw a rejection above $3.57
- EOS seems to have support near $3.49, may hit there soon
- Ethereum Classic was firmly above $7 till today morning
- ETC has recently broken below $7, seeks a strong price recovery
The cryptocurrency market appears under a tight grip of bears and still, Bitcoin is proving its strength by keeping the price at least above $10,000. Notably, the total M.Cap of the overall crypto market has been constantly declining since the last couple of days.
Moreover, how a few of the significant altcoins are reacting to the current market slump can make an impact over crypto believers. While EOS and Monero have continued yesterday’s price drop, Ethereum Classic, which has maintained a stable price path till today morning has recently started a fresh decline. Also, three of the altcoins are holding a negative technical picture.
Monero coin’s 1-day chart shows a gradual yet heavy price decline while tracing an impulse pattern. Yesterday, Monero price opened above $79 and within 3 hours, it faced a price drop to $78.03. After a mild rebound, XMR reached at $78.91 and traced a lower high of the day. Unable to trade above the resistance, the coin has broken below $78.00 and formed a dip near $77.74. Before closing at $78.21, XMR saw a surge to $78.95 and then corrected down.
Today morning price actions of Monero has been pretty bearish as it has extended the fall. At 024:57:57 UTC, XMR is trading at $77.34.
As mentioned above, Technical indicators appear bearish as RSI is heading towards oversold phase. MACD is moving in the bearish zone with the MACD line below the signal line. Additionally, the short term SMA line (5-days) is well below the long term SMA line (50-days), which indicates to Monero’s bearish nature. The coin may face resistance at $79.45, $80.68 and $81.64, while its support levels can be at $77.26,$76.3 and $75.07.
The EOS coin has been tracing a downward path since yesterday, except for a bullish spike near $3.578. EOS had its opening price at $3.58 yesterday and it steadily dropped to its key support near $3.50. With a rebound, it jumped to $3.57 but faced a rejection there. Before closing on the day, EOS has formed a dip even below $3.50, followed by a mild rebound to $3.55. Since then, the coin has been trading bearishly and at 5:31:02 UTC, EOS price is trading at $3.51.
Again, the technical indicators paint a gloomy picture as MACD is in the bearish zone with its MACD line below the signal line. Though RSI of the coin is near 50, showing no extremities. But, with a substantial gap in between, EOS’s long term SMA line (50-days) is above its short term SMA line (5-days). The coin may face resistance at $3.59, $3.63 and $3.67, while may see support at $3.47, and $3.43.
Ethereum Classic has manifested a bit different price path over the last 24 hours. Yesterday, ETC price saw the daybreak with its opening price at $7.28, but from there, it saw a slight drop to $7.11 and rebounded even more slightly to $7.21. After that, ETC has maintained its price range above $7.13 till it saw its closing price at $7.19 on the day.
Today, ETC has taken a sharp price fall to $6.83 breaking support level at $7.00. The coin is correcting up from there but is yet to trade above $7. At 05:15:56 UTC, Ethereum Classic is trading at $6.83.
RSI is below 30, showing an oversold momentum. On the other hand, the long term SMA is well above its short term SMA, which resonates with the bearish MACD. Ethereum Classic may see resistance at $7.32, $7.44 and $7.54.