Tezos, NEM, Neo Price Analysis: 16 March
Losses in the Tezos market were cut short around the $3.78-support level and a northbound breakout from a down channel presented a target of $4.08. NEM found a lifeline at its $0.325-support while Neo attempted to regain the 50% Fibonacci retracement level.
The market’s bulls offered some fightback at the $3.78-level as Tezos floated just above its press time support. The Awesome Oscillator registered a single green bar at the time of writing as momentum switched to the buying side. The Stochastic RSI saw a bullish crossover and a reversal towards the neutral zone would likely see the bulls successfully defend the aforementioned support.
The 24-hour trading volumes, while not very noticeable, were on the up as well. The resistance at $4.08 would likely present a target if the bulls manage to enforce a northbound breakout on the back of buying pressure. In case of a fall, the next support would be at $3.48.
NEM’s fall from a local high of over $0.8 was brutal as the cryptocurrency shed over 60% of its value in around two weeks. The support at $0.325 finally cushioned the downfall and the price moved rangebound over the last few days. However, the indicators were hinting at a resurgence in the short-term, at press time. The RSI was pointing north from above the 40-mark, while the OBV formed higher highs over the last few sessions.
A hike above the $0.39-resistance would present the next ceiling at $0.47, and a spike in the 24-hour trading volumes could trigger the northbound move on the charts.
Neo lost out to the crucial 50% Fibonacci retracement level, but the bulls were attempting a comeback, at the time of writing. The MACD line closed in on the Signal line, while the histogram noted weakening bearish momentum. The Awesome Oscillator also switched to green as momentum shifted sides and favored the buyers.
The highlighted region has seen some buying activity since the broader market pullback in late-February, and the same can be expected moving forward as well. A pickup in the broader market would give extra impetus to NEO’s attempt to regain its lost Fibonacci level.