Cryptocurrencies Exhaust Downward Move, Suggesting Bulls will Take Control

Mar 02, 2020 at 07:28 // News
Coin Idol
Cryptocurrencies may remain in the oversold region

Virtually, all the coins are under selling pressure as they trade in the oversold region. Buyers are expected to emerge to push crypto currencies upward. The coins may remain in the oversold region if buyers fail to emerge.

BSV/USD Major Trend: Ranging

Bitcoin SV has fallen to a $225 low after breaking the $240 lower price range. After the price rally, the market is fluctuating between $240 and $360. The bulls were resisted as they attempted to push above $360 resistance.  BSV drops to a low of $210. The market is making an upward move to retest the lower price range of $240. BSV may drop to a low of $160 if resisted at the lower price range. BSV lacks buying at a higher price level. Meanwhile, the BSV has fallen to level 32 of the daily RSI. It indicates that the price is in the downtrend zone. It also means that it is below the centerline 50.


DOGE/USD Major Trend: Ranging

Dogecoin has been in a sideways trend since April 2019. Within the period under review, the bulls have attempted to break the upper price range at $0.003500. The bulls have tested the upper price range on six occasions without breaking above. On July 5, DOGE has a price breakout as the price reaches a high of $0.0500. 

Unfortunately, the bulls could not sustain the uptrend as the price drops into the range-bound zone. The bears have not threatened to short below $0.002000 as price respects the historical price level. In the meantime, DOGE has dropped to the oversold region beneath the 20% range. It means that selling has been overdone. Undoubtedly, buyers are likely to appear to push DOGE upward.


DASH/USD Major Trend: Bullish

DASH is in an uptrend but it is currently facing resistance at $140. In January, the bulls attempted to break the resistance at $140 but were repelled. The price fell to 12-day EMA support. DASH makes another upward move to retest the $140 price level. The market fell again as the price reached a low of $80. The price is now below the EMAs which is an indication that the downward move may continue. DASH is currently above $80 and if the bears break the current support, it may drop to $60 low. Nonetheless, if the current support holds, it may move up to the previous high at $140.


EOS/USD Major Trend: Bullish

EOS is on a downward move after it reached the overbought region. In its recent move, EOS reached a high of $5.50. EOS could not push above $5.50 because it has reached the overbought region of the market. In the overbought region, buying has been overdone. Sellers emerge to push EOS downward. 

The pair has been on a downward move since February 15. Nonetheless, the price fell to a low of $3.55 and commences consolidation. Nevertheless, as EOS reaches the low of $3.55, the stochastic bands have fallen below 20% range. In the oversold region, buyers are likely to be on hand to push EOS upwards. Therefore the current support is likely to hold and EOS may rise.


NEO/USD Major Trend: Bullish

NEO is in an uptrend but the market has fallen to a low of $11.05 after a downward move. NEO was in an uptrend when it reached a high of $16.68. Unfortunately, NEO was overbought at that price level. In the overbought region, sellers are generated to push NEO downward. The market has already fallen to its low. An upward move will resume if the current support holds. A downward move will prevail if the current support at $11 cracks. NEO is presently at level41 of the daily RSI period 14. It indicates that it is in the downtrend zone.


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 CoinIdol. Readers should do their own research before investing funds.

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