Over the last 24hrs, ETH/USD pair experienced an extensive fall. ETH began the day trading at $222.47 but is now at $216.30. This translated to an intraday dip of 2.8%. The bearish pressure was being supported by the 21 day MA that is currently gravitating above the 7 day MA.
The descending channels and the RSI indicator that massively dipped from a high of 69 to a low of 35 also confirmed the downward pressure. The market support level has been lowered down from $220.10 level to $213.68 level.
At the moment, the RSI indicator has slightly recovered since it’s seen heading north that indicated an increase in buyouts. The strong dip in the pair’s price has negatively affected investor’s sentiments thus investors are currently anticipating for better prices for them to go long.
At the moment, the RSI indicator seems to have gained momentum having moved from a low of 35 to a high of 48 that indicates incoming bullish outlook. However, the price still seems to be confined within the descending channel.
If it breaks this trend and rises above the resistance line of the channel, then investors can go long. The entry point can be placed at $218 and take profit levels can be set at $225.00.
EOS/USD pair traded in a sideways trend over the last 24hrs. The horizontal channels confirmed the sideways price momentum. EOS started trading at $4.52 as at 10:00, July 26 and is currently trading at $4.54.
This showed that it is down by 0.4% over the last 24hrs. The bearish outlook exhibited by the market was widely supported by the 21 day MA that is currently above the 7 day MA that signaled a bearish sign. Notably, the downward pressure defined a key resistance level at $4.61 and support level at $4.46.
The 7 day MA is currently heading towards the 21 day MA and is most likely to cross the 21 day MA in the next few hours. The RSI indicator has also gained momentum, which signals incoming Bull Run. If the resistance levels at $4.61 are breached, then new targets should be set at $4.650.
Like EOS, XLM/USD pair has experienced a bearish outlook over the last 24hrs. It has slightly recorded a down surge of 1.03% over the intraday, having begun trading today at $0.0866 and later on dipped to the current price of $0.0857. The downward price rally has also been supported by the 21 day MA that has been moving above the 7 day MA that indicated a bearish signal.
This held resistance level at $0.0872, whereby critical support level was lowered down from $0.0855 to $0.0839. However, the RSI indicator X seemed to have currently gained momentum since it has shifted up from a low of 35 to a high of 55. That indicates increased buying pressure.
The 7 day MA is gravitating towards the 21 day MA and looks set to cross above it in the next few hours. This signals an incoming bullish outlook. New target should be set at $0.088.