Summary
After going through a bearish rally yesterday, the various markets have been slowly making attempts at price reversal. Support points have been bettered on one hand while various resistance zones were tested and breached severally. In the markets, investor sentiments shrugged off the downtrend rally yesterday and the RSIs are looking up.
If the Bulls can up their momentum, a Bullish trend seems set. Most short term EMAs are headed up while the long term EMAs are headed down in a contracting triangular pattern. This indicates a Bullish trend in the next few days.
NEM/USD
The NEM/USD pair is up by 3.27% in the last 24 hours. This is after is started off selling at $0.426 against the $0.4313. It beat off a strong bearish rally that had engulfed the markets yesterday to register a bullish outlook. Support has gone up with the increase in the pair’s price which has had a positive effect on investor sentiments. This is as seen in the RSI (A) which has come from the ‘oversold’ area.
Forecast
The 30 day EMA (B) is headed south while the 9 day EMA is steady. The two seem set to cross over each other in a few days if the Bulls can up their momentum.
WAVES/USD
The WAVES/USD pair has posted a bullish outlook over the last 24 hours. It has however lost by 0.5% in price. This is after it came from $2.69 to the current rate of $2.66 as at March 5, 0249h.
Despite the negligible drop in price, investor sentiments have greatly improved. As seen in the RSI (A), investors are increasingly becoming upbeat about the pair’s performance in the coming days.
Forecast
The 9 day Moving Average (B) is moving upward towards the 30 day EMA (C) in a contracting triangular pattern. This indicates a Bullish outlook.
QTUM/USD
The QTUM/USD pair has posted a Bullish outlook despite taking a sharp dip yesterday. The coin began the day selling at $2.031 and has undergone an upward rally to trade at $2.09. This represents a 5.10% increase which is considerable.
The markets have picked from the upward momentum with the RSI (A) headed up. This means investors are increasingly opting to hold onto their coins in anticipation for better prices.
Forecast
Both the 9 day EMA (B) and the 30 day EMA (C) which marks a bearish outlook in the short term. If the Bulls can up their momentum however, we may experience better prices.
