Cryptocurrency under Bear Command; Failure to Achieve a Strong Bounce Will Attract Further Selling
XMR /USD Major Trend: Bearish
Monero is in a bear market as the coin resumes selling after resisting the 12-day EMA. The coin is falling and approaching the low of $47. The coin risked further selling if it breaks below the low of $47. Monero will drop to a low of $40 if the previous low is breached. This also includes the resistance line which may be broken.
XLM /USD Major Trend: Bearish
Stellar is also under the control of the bears as the market reaches a point of breakdown. The coin has traded and reached the oversold region of the market. Interestingly, the Fibonacci tool indicated a reversal at the 1.272 extension level which is the same as the $0.057 support level. From the price action, the bears are under pressure to break the support at $0.05. Further depreciation is unavoidable if the previous low is broken. The coin may drop to a low of $0.041if the selling pressure resumes.
ADA/USD Major Trend: Ranging
The selling pressure has been exhausted as Cardano resumes a sideways trend. Cardano dropped to a low of $0.044 and corrected upward. The upward move was interrupted as the coin pushed down to the low of $0.036. ADA had been in consolidation since September. The price is trading at the bottom of the chart as the coin is surrounded by fears of breakdown.
TRX /USD Major Trend: Bearish
TRON is in a bear market as the coin falls to a low of $0.012. The defense by the bulls propelled the coin to move upward to a high of $0.022. Aggressive sellers pushed the coin downward close to the previous low. The price is on a downward move after a retest at $0.015. Resumption of a downtrend will arise if the low at $0.012 is broken. Meanwhile, the Fibonacci tool has indicated that the coin will face further selling which will result in the coin falling to the low of $0.010.
EOS/USD Major Trend: Bearish
EOS is in a bear market and fell to a low above $2.50 on September 24. It resumed trading above the $2.50 price level. From the price action, the market fell to a low of $3.30 in July. After an upward price correction, the low of $3.30 was broken as the coin reached another low above $2.50. The current low has not been broken but the selling pressure is much as to the point of a breakdown.
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.