Connect with us

Analysis

Monero, Ethereum Classic, Dogecoin Price Analysis: 19 January

Saif Naqvi

Published

on

Source: Pixabay

Despite Bitcoin clawing back to regain the $36,000-mark, altcoins such as Monero, Ethereum Classic, and Dogecoin remained cautious and awaited further cues to make a definitive move on the charts. In fact, a bullish scenario could see XMR topple its present resistance and move towards $162.4. ETC showed bullishness, at the time of writing, but a breakout above $9.66 was not a guarantee. Meanwhile, DOGE continued its movement within a tight channel.

Monero [XMR]

Source: XMR/USD, TradingView

Monero moved between $152 and $157.07 as the market’s momentum seesawed between the buyers and sellers. A northbound breakout could see XMR revisit $162.4 as resistance. On the other hand, a bearish scenario could see the price fall towards the $148.12-support level.

The Awesome Oscillator showed that momentum was shifting towards the bulls after moving back and forth between each side.

The Bollinger Bands showed low volatility in the price as the bands were compressed. The candlesticks could continue to move between the Signal line and the lower band in the near future.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

Ethereum Classic looked bullish, at press time, as the crypto’s price traded at $7.97, up 5.3% in the last 24 hours. Although breakout above the $9.66-resistance did not seem likely, a broader market rally could lift the crypto-asset above its upper ceiling. If ETC does rise, the price could challenge the resistance at $10.5.

However, the Stochastic RSI was in the overbought region and signaled a bearish pullback in price if the index reversed direction and fell lower. In such a case, the support at $8.3 could cushion the losses.

The Chaikin Money Flow noted that capital was flowing towards ETC as the index rose above the equilibrium mark.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin continued to consolidate between $0.0096 and $0.0085, showing the lack of a strong shift of momentum on either side. Further gains in market leaders BTC and ETH could push DOGE above its press time resistance, without which the price could continue to trade within a fixed channel over the coming days.

The Relative Strength Index pointed north from the neutral zone. The price could move higher if the index shoots towards the overbought region moving forward.

The Parabolic SAR’s dotted lines were under the candlesticks and underlined that DOGE has been on an uptrend over the past week.


Sign Up For Our Newsletter


A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.