EOS and Polkadot are experiencing minor corrections after recently exceeding the resistance level. Monero is simultaneously struggling to keep prices above a large support range
Key assets such as Ethereum, Ripple, Litecoin and Cardano are under pressure after reaching their 2020 highs in the last few days.
Similarly, the technical picture for EOS, Polkadot (DOT) and Monero (XMR) suggests that bears could take the initiative and lower prices.
The EOS price has fallen by 1.5%. Polkadot again has problems with its value falling by almost 4% in the last 24 hours. Meanwhile, Monero is trying to keep profits above $135 after the coin fell by almost 2%.
EOS rose to a high of USD 3.77. However, the currency had difficulty breaking resistance at this level. The technical picture for EOS/USD indicates that a correction is currently underway.
While the EOS price at the time of writing ($3.53) for last week was 35% higher than its value, a downturn could cause it to move further away from its 2020 highs in the $5.50 range.
One indicator that points to a negative flip for EOS is the TD sequential metric. According to the indicator, the Altcoin has formed a sell signal, as indicated by the green nine-candlestick on the daily chart.
When the sell signal is validated, the EOS could fall to lows of USD 3.00. The 50-SMA (USD 2.65) offers the most robust support here.
Monero is the first choice for many online gambler, the reason is the anonymity. It is a better option than casinos like the one mentioned at this site, which only accept BTC and some other coins. Therefore a lot of online casinos accept Monero exclusively – here is an overview. Monero remains above a rising trend line that has formed since the crash to USD 73 in September. The XMR/USD pair also recently broke out of a descending channel, with bulls reaching highs of $143.
However, the bullish trend is likely to come to a halt. This is because a doji candlestick is forming on the daily chart. The Fibonacci retracement levels also suggest that the XMR/USD pair could range between 23.6% and 31.8% in the short-term due to the weakened momentum of the uptrend. The area is, so to speak, sandwiched between $136 and $131 in the $110 to $143 upswing.
If selling pressure increases, a decline to the 20-SMA and 50-SMA levels would be the legitimate bearish target.
Polkadot went bearish after the currency reached a resistance near USD 6.50. In addition to the price divergence, the RSI on the daily chart indicates that bears are becoming increasingly powerful.
If the negative trend continues in the short-term, a longer pullback DOT/USD is likely to push the Fibonacci retracement level down to 23.6% (USD 5.15). The next breather would be at the 50% Fibonacci retracement level (4.87 USD) of the move from 3.71 USD to 6.00 USD.
DOT/USD could then correct to $4.60 where a massive supply wall would help the bulls fight back.
On the upper side, USD 6.00 and USD 6.50 represent hurdles. To maintain momentum, bulls need a higher closing price on the daily chart.