Despite the wild price action that the cryptocurrency market went through today-where bitcoin saw its value jump above $9,000 to then quickly drop to $8,000-the charts could help determine where some of the highest market cap altcoins are heading.
Dash went through a month-long consolidation period from April to May. During this time, it traded within a $21 range between $112 and $133. A bullish impulse allowed DASH to break above this range and surge all the way up to $177. On the 3-day chart, dash found resistance around $172 and has not been able to move higher than this level.
If it is able to break above it, dash could go up to the next resistance point around $210. Failing to trade higher than $172 could take dash down to find support at $153 or $133. Dash can be seen trading above the 7-day MA on the 1-day chart, which is a bullish sign.
A break below the 7-day MA could take dash to test the 30 or 50-day MA, between $145 and $135. There is a bearish engulfing pattern developing on the 12-hour chart on the upper Bollinger Band, which is a bearish sign.
The bearish formation will be invalidated if dash trades higher than $176.Cosmos.
On the 1-hour chart, after reaching the upper Bollinger Band, Cosmos retraced to the middle band and bounced off.
The bearish pattern will be invalidated if NEM trades higher than the most recent high of $0.123.
In the last two days, bitcoin diamond has moved up more than 80 percent, from $0.99 to $1.8 breaking past three levels of resistance.
Digibyte has been trading inside a massive ascending parallel channel since Dec. 2018, reaching higher highs and higher lows which is a bullish sign.
The sell signal will be invalidated if there is a green two trading above a green one candlestick on the 1-day chart, which could take DGB to new yearly highs.
How far will altcoins correct? Dash, Cosmos, NEM, Bitcoin Diamond, Digitbyte technical analysis
Published on May 31, 2019
by Cryptoslate | Published on Coinage
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