Polkadot, Monero, Ethereum Classic Price Analysis: 08 January
Polkadot failed to break out of a bullish pattern and was headed back down toward the $9 mark, and could see a move as far south as $8 if Bitcoin or Ethereum experience some volatility. Monero rebounded strongly off the $130 support level and was knocking on the doors of $150 with intent. Ethereum Classic flipped the $7 level to support and was likely to test the next level of resistance at $7.5.
The price failed to breakout past the $10.5 resistance level, even though it formed an ascending triangle pattern, a bullish pattern that more often sees a breakout to the upside.
The Awesome Oscillator noted the dwindling bullish momentum behind DOT and crossed over into bearish territory to signal rising downward momentum.
The $9 region has been important for DOT over the past week and could serve as support, failing which the next levels of support at $8.5 and even $8 could be tested.
The strong rebound off the $130 level of support met resistance at the $150 mark and was forced to dip to $140, and appeared to be headed back upward again.
The RSI rose above the neutral 50 value and retested it as support to indicate a short-term uptrend.
Another rejection at $150 could see XMR drop to $140, and the reaction of the price at this mid-point will indicate the next short-term direction for XMR.
A move past $150 would spell recovery for XMR and $156 can be expected to be tested shortly.
In other news, crypto exchange BTSE offered Wrapped Monero [WXMR], a token on Ethereum backed 1:1 by Monero. This gives holders of XMR an opportunity to utilize their tokens to access the DeFi space opportunities without having to exchange them for Ether.
Ethereum Classic [ETC]
Last week ETC rose past $7 to test $7.5, was rejected, and found support at the $7 region. Candlewicks further down were bought up and the OBV also showed that the past two weeks have seen steadily rising buying volume.
The MACD had formed a bearish crossover when ETC was rejected near $7.5, but this weak sell signal is likely to correct and form a bullish crossover. The defense of $7 indicated further upside for ETC, and it was likely to find the buying pressure needed to drive prices past the level of resistance.