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Monero, IOTA, Dogecoin Price Analysis: 02 February

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Source: Pixabay

Monero flipped the $143-resistance level, but a move above $148 was unlikely as the bullish momentum slowed down. IOTA registered rangebound behavior as trading volumes were weak. Even though DOGE was predicted to fall in the short-term, uncertainty shrouded its future trajectory.

Monero [XMR]

Source: XMR/USD, TradingView

The market’s bulls regained the $143-price level as Monero moved towards its next resistance level at $148. Gains over the past couple of days were highlighted by the bullish divergence on the 4-hr chart. Although the bulls seemed to be in firm control of the price, the MACD’s histogram, despite a bullish crossover, suggested that the bullish momentum was waning. An extended rally in the broader market would be required to push XMR up the charts.

The Chaikin Money Flow was holding steady above zero on the charts.

Failure to rise above the press time channel could see XMR enter a phase of consolidation. Conversely, a fall below $139 could see the bears target the next line of defense at $134.4.

IOTA

Source: IOTA/USD, TradingView

IOTA traded at the mid-point of its immediate support and resistance as there was a lack of strong momentum in the market. The Bollinger Bands also showed that the price volatility was low as the bands were compressed. Since the Stochastic RSI moved sharply towards the overbought zone, there were some expectations that IOTA could break above its $0.42-resistance level.

However, the 24-hour trading volume dropped by 23% to just under $40 million and rejected the possibility of a northbound breakout. Over the next few sessions, IOTA could move rangebound between $0.42 and $0.39, with the possibility of a northbound move if buying activity picks up.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

The Bollinger Bands on DOGE showed that volatility was finally decreasing in the market after the price rose by a monstrous 800% to record levels and put the ‘meme’ coin under the crypto-spotlight. Although DOGE shed nearly 16% of its gains over the last 24 hours, it was interesting to note that the bulls maintained the price above the 20-SMA.

However, as the dust settled on DOGE’s market, a short-term fall was expected over the next few sessions as the 24-hour trading volume plunged by over 50%. The Awesome Oscillator also backed the bearish predictions as the index slipped below the equilibrium mark. Despite the bearishness, there was much uncertainty in DOGE’s market considering its price action over the last six days.

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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.