EOS, NEM, Compound Price Analysis: 26 January
EOS was trading below its 200-SMA and projected a prolonged bear market as its indicators favored the selling side. XEM targeted a move above the $0.229-resistance, backed by a surge in trading volumes and buying activity. Finally, COMP failed to breach its immediate resistance and a shift of momentum towards the bearish side could see the price fall towards the $210.5-support level.
EOS was moving towards the $2.55-support level, at press time, after the price fell by over 4% in the last 24 hours. A look at its daily chart showed that the crypto-asset has been in a bear market since mid-January as its value traded below its 200-SMA (purple). Despite recent efforts by the bulls to lift the crypto’s price, however, the 200-SMA has acted as a strong resistance barrier in each case. A breach above this level did not seem likely over the coming days, and EOS could continue to trade at the mid-point of its immediate resistance and support levels.
The On Balance Volume underlined low buying activity and pointed to the continuation of a bear market.
The Parabolic SAR’s dotted markers have been above the price candles since mid-January, confirming the downtrend.
Although XEM continued its consolidation between $0.229 and $0.219, there was some optimism in the market as the price rose by nearly 4% in 24 hours. In fact, healthy trading volumes and strong buying activity were witnessed over the said period, something that pointed to strong bullish movements over the coming sessions. In such a case, the resistance at $0.229 could be toppled and the price could move towards the resistance level at $0.236.
The Awesome Oscillator’s green bars rose above the half-line and indicated that bullish momentum was on the up.
The Relative Strength Index was pointing towards the overbought zone, a bullish sign for the price.
Compound’s losses were cushioned at the $212.33-support after the crypto-asset fell by more than 9% from its local high in 24 hours. Some bullish activity was witnessed over the past few trading sessions too, but the gains were capped at the resistance level of $223.4. However, the said bullishness is expected to be short-lived and COMP could fall towards its immediate support moving forward as the indicators flashed bearish signals.
The Chaikin Money Flow indicated that strong capital outflows had a negative effect on COMP as the index fell along with the price.
Finally, the MACD’s bearish crossover indicated that the price could trade close to its press time support level at $210.5.