October 13 - October 19, 2019
On October 13, all the cryptocurrencies under review are still in bear markets. The coins have reached the oversold region of the markets, suggesting bulls will take control of price. However, there seems to be a lack of buying power at the demand zones as the bulls struggle at the bottom of the chart.
Binance Coin (BNB) is making a series of lower highs and lower lows in a downward channel. In the previous week, the bulls were in control of price as the price approached the resistance line of the descending channel. Nevertheless, if the price breaks the resistance line of the channel, this will bring about a change in the direction of price. Traders will be inclined to initiate long trades in anticipation of a bullish trend. However, if the descending channel remains intact, the downtrend will continue for some days.
The EOS/USD pair is in a bear market. In October, after the downward move, the price corrected upward. Today, the bulls are making concerted efforts to break the bearish trend line. A bullish break at the bearish trend line will make EOS rise and revisit the previous highs. However, if the bearish trend line remains intact, EOS will resume its downward move and depreciate further to another low.
Monero (XMR) is consolidating at the bottom of the chart as it fails to maintain its lower highs and lower lows pattern. The price is consolidating above the $50 support level for a possible breakout. This was the historical price level of Monero in March. Generally, the markets tend to respect the historical level of price. The coin is likely to hold above the $50 support level if the market respects the historical price level. The pair will rise and reach the previous highs if the support level holds.
Tron (TRX) is rising in October after falling to a low of $0.012 support level. The price went up to face resistance at the $0.017 price level. Later the market depreciated to a low of $0.015 support level. Tron may rise if the bulls hold on to this support level and push above the resistance level. However, a further depreciation below this level will compel the coin to fall to the previous low of $0.012 support level.
The ADA/USD pair has been consolidating in October as bulls defended the downward move. Also, the market has reached the oversold region suggesting bulls to take control of Cardano (ADA) price. The price is approaching the bearish trend line for a possible breakout. Nevertheless, if the trend line is breached, or the $0.050 resistance level is broken, ADA will rise and reach the previous highs. However, the coin will be in the bearish trend zone if the levels are unbroken.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.