Cryptocurrencies in Downward Correction, Lacks Buying at Higher Levels

The cryptocurrencies are still grappling with the bear markets. The altcoins have all exhausted selling pressure but the bulls lack buying power to come out of the downtrend. The coins are in a downward correction.

ADA/USD Major Trend: Bearish

Cardano is in a bear market. In its upward move, ADA reached a high of $0.0370. From the price action, the market is overbought at $0.0370. This will be the third time; price will be rejected at this level. Usually, the market falls to $0.0320 low after rejection. More so, there is the presence of a Doji candlestick indicating that the uptrend is likely to reverse. The indication is about buyers unable to keep prices higher, and sellers push prices back to the opening price. Undeniably, ADA will drop to $0.0320 low if the selling pressure resumes. The crypto is presently above 80% range of the daily stochastic. It indicates that the market is overbought.

    

BNB/USD Major Trend: Bearish

Binance Coin is in a bear market but it is in an uptrend as it reaches the high of $16.85. BNB is attempting to come out of the downtrend zone. Today, the uptrend is hampered because of the recent resistance. From the recent price action, the market has also hit the overbought region. It is not unlikely; there will be the presence of sellers that will push prices down.  Eventually, if price retraces, the market will revisit the lows of $16 or $15.50. At the moment, BNB's upward move is doubtful as the bears take control. The price is above 80% range of the daily stochastic. The market is in the overbought region.

DOGE/USD Major Trend: Bearish

 Dogecoin is in a bear market. In the last bearish impulse, Dogecoin fell to $0.001289 and resumed an upward move. The market has moved up to $0.002118 but it is currently facing resistance. The recent high is a historical price; the bulls are testing the resistance to break it. DOGE will rally above $0.0025 if the bulls break the current resistance. Possibly, the coin will be out of the downtrend zone. DOGE has fallen to level 52 of the Relative Strength Index. This indicates that price in the uptrend zone.

EOS/USD Major Trend: Bearish

EOS is currently in a bear market. From the peak price of $5.50, the market dropped to $1.50. In its upward move, the market reaches a high of $2.80. The recent high has been an overbought region where the market has been reversing each time the bulls attempt to break it. Today, the market is falling after testing the resistance zone. EOS may fall to $2.40 low if the downtrend resumes. Nonetheless, if the market retraces to $2.60 low, a rebound can break the $2.80 resistance. Meanwhile, EOS is above 60% range of the daily stochastic. However, the stochastic bands are making U-turn indicating that the market is falling.

TRX/USD Major Trend: Bearish 

TRON was in a bull market in February as it reached a high of $0.026. However, the uptrend was terminated as the market reached the overbought region. The presence of sellers pushed the coin to fall to $0.008 low. Buyers make concerted efforts as TRON rises to $0.013. The coin is likely to make an upward move as it breaks the resistance line of the descending channel. The uptrend is currently hampered because of the resistance at $0.014. A break above $0.014 resistance will push TRON out of the downtrend and reach the highs of $0.016 and $0.018. Meanwhile, TRON is at level 53 of the Relative Strength Index period 14. This implies that TRON is an uptrend zone.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.