With crypto gaining acceptance gradually, is this a good time to buy? Do the top performers of the past seven days show signs of bottoming out? Let's analyze the charts.
Traders can initiate long positions on a close above $13.88772 and keep a stop loss of $10. Contrary to our assumption, if the price turns down and breaks below the moving averages, it could dip to $6.65906.
While the buyers have managed to push the price above the overhead resistance at $2.8498, they have not been able to sustain at higher levels.
Currently, the bulls are again attempting to scale above the overhead resistance at $2.8498.
Conversely, if the bulls fail to sustain the price above $2.8498, a dip to the 20-week EMA is possible.
The up move will face resistance at the 20-week EMA and above it at the 50-week SMA. The 20-week EMA is sloping down and the RSI is in the negative zone, which suggests that the bears are at an advantage.
For the past two weeks, the bulls are facing stiff resistance at the 20-week EMA, which is flattening out.
If the price breaks out and closes above the 20-week EMA, a rally to $32 will be on the cards.
If the bulls fail to push the price above the 20-week EMA, the pair might remain range-bound between $21.2378 and $18.30 for a few weeks.
Our bullish view will be invalidated if the price turns down and breaks below the support at $18.30.LEO/USD. UNUS SED LEO fell about 1% in the past seven days but still turned out to the fifth-best performer.
Top-5 Cryptos This Week: NEO, LINK, ADA, BNB, LEO
Published on Nov 17, 2019
by Cointele | Published on Coinage
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