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Summary
For the better parts of last week, the various Altcoins were on a Bullish Run, with Bitcoin finally hitting the $4000 mark. However, over the last 24 hours, a bearish outlook has engulfed the markets with investor confidence taking a dip. All of today’s focus coins are making attempts at a price reversal after a sharp dip over the weekend.
Investor confidence is at the moment picking as seen below:
DASH/USD
On three hour charts, the DASH/USD pair is down by 11.27% and is currently trading at $84.75. The sharp drop in its price had adverse effects in the market as can be seen in the Relative Strength Index (A). Investor sentiments dropped drastically from the ‘undersold’ area and is now tending towards the ‘overbought’ region. Due to the increased sale offs in DASH holdings by investors, the coin’s market capitalization value has shot upwards to clock at $693 Million. This is after over $994 worth of DASH was sold off over the last 24 hours.
Forecast
All indicators point towards a ranging outlook in the coming days. The 30 day EMA (B) crossed over the 9 day EMA(C) yesterday and is currently opening up a gap in a reverse contracting triangular pattern. This points towards a bullish outlook.
IOTA/USD
A bearish momentum has hit IOTA/USD charts over the last 24 hours after a sudden drop interrupted a strong Bull Run. The pair is currently trading at $0.278992 which represents a 12.23% drop in its price. This drop moved the pair’s RSI (A) from the ‘under bought’ area towards the ‘oversold’ area. This marks increased sale offs as investors look to avoid future losses.
Forecast
Support has been tested and breached with the pair currently attempting a price reversal. However, all the indicators signal a bearish outlook in the coming days. The 30 day EMA (B) is above the 9 day EMA (C). Also, the two moving averages form a reverse contracting triangular PATTERN which shows that IOTA’s price may drop further.
XLM/USD
Stellar has undergone a bearish run over the last 24 hours and is currently up by 2.8%. It is currently trading at $0.0865. The southward surge in Stellar’s price has consequently led to a dip in investor confidence.
Mass sale offs in XLM holdings has led to a drop in the RSI (A) from an undersold area (70) to a low of 25 (near the oversold region). This increase in sales has pushed the coin’s market capitalization value to $1.6 Billion after it sold $91.2 Million over the last 24 hours.
Forecast
The 30-day Moving average (B) crossed over the 9-day Moving average (C) yesterday. Currently, the latter EMA is downward facing while the former is upward facing, forming a reverse contracting triangular pattern. This indicates that a bearish momentum is likely in the coming days.