Altcoins such as EOS and SUSHI registered southbound breakouts from their parallel channels, with both eyeing support levels at $3.8 and $13.4, respectively, on the charts. On the other hand, NEM touched a local high of $0.69 on the back of buying pressure, before cooling off at the time of writing.
EOS
Source: EOS/USD, TradingView
EOS broke downwards from its parallel channel on the 4-hour timeframe after the crypto’s price fell by nearly 15% in the last 24 hours. The On Balance Volume dipped sharply as selling pressure dragged the price below its $4.2-support.
The RSI was yet to touch the oversold zone, suggesting a delayed bullish scenario. An extended sell-off would likely see EOS drop down to the $3.8 support line. Some buying opportunities can be presented if the price touches the aforementioned level. An early reversal would put $4.5-resistance under the spotlight.
NEM [XEM]
Source: XEM/USD, TradingView
NEM rose steadily on the charts over the last seven days, posting gains of over 37%. On the daily chart, the said uptrend seemed to be more visible, with NEM on the helm of a markup phase as the accumulation period came to an end.
At the time of writing, the crypto’s price looked poised for a short-term correction as the RSI was pointing south from the overbought region. The crypto’s candlesticks also traded along the upper band of the Bollinger Bands, with a sharper pullback likely. The support at $0.56 could keep the price at bay if the sell-off continues.
SushiSwap [SUSHI]
Source: SUSHI/USD, TradingView
Sushiswap moved south from an ascending parallel channel after a candlestick broke below the lower trendline. Moreover, a bearish divergence was spotted as the MACD line made lower highs while the price moved in the opposite direction. A lower close over the next few sessions would confirm the breakout.
The Chaikin Money Flow was heading lower and looked to move below the half-line as capital was flowing away from the crypto-asset. The support levels at $13.4 and $12.9 would be in focus if the breakout is confirmed.
