EOS could dip back towards $5.75 if a break above $8 is denied. An impressive bull run pushed Monero by 30% and its $374.6-resistance lay in its crosshairs. Finally, the market sellers regained control after Waves failed to breach the $29-resistance level.
The Fibonacci tool highlighted a key buy zone for EOS at the 78.6% ($5.75) Fib level. On the 4-hour chart, EOS registered some northbound movement, but it was yet to reclaim the 61.8% level ($7.07) – A region that clashed with the 20-SMA (red). However, a bigger test for the bulls lay at the 50% ($8.0) retracement level close to the 200-SMA. A successful breakout could result in a 20% hike towards the $10-mark. Rejection by sellers could lead to a fall back towards $5.75, but this would open up long opportunities for traders.
A bullish crossover in the MACD created some optimism but volumes were not there yet to support a breakout. Capital inflows were healthy towards EOS as the CMF maintained itself above equilibrium.
After Monero dipped towards its late February lows at $200, a strong bounceback was noted in the market. At press time, XMR was trading at $132, up by 30% in the last 24 hours. Now above its 20-SMA, XMR could rise towards its next target at $374.6 on the back of bullish sentiment. Overall, the predicted jump would represent gains of 83% from the $200-support.
Volumes across exchanges closed in on $1 billion as buying picked up. The OBV’s slight uptrend showed that buying pressure outmatched selling pressure over the past few sessions. The Awesome Oscillator eyed a move above the half-line as momentum was strong on the bullish side.
Buyers stepped in around $18 and cushioned losses after Waves suffered a fall of over 30% post the crypto sell-off. Some upwards movement was registered over the previous few sessions, but sellers regained control after a break above $29 was denied. Selling pressure returned in the market as the Awesome Oscillator noted consecutive red bars.
According to the Stochastic RSI, WAVES was overbought at the press time price point and a move towards the lower zone would enable a breakdown from the $23.16-suppport. A bullish scenario would result in a rise above $29 and the 50-SMA (yellow), but stronger cues were needed for such a move.
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