Undoubtedly, NEM buy demand is up after that close above the minor wedge but this is not the only alt coin moving up.
NEO and alt coin IOTA recovery is helping boost the alt coin market cap. With BTC topping, their near alternative DASH and Monero will be pumped as we have seen throughout the course of the week.
Let’s look at the charts:
NEM BUY DEMAND IS HIGH AS PRICES MOVE CLOSER TO $0.24
It is clear that NEM buy demand has been up over the past few trading days.
After that convincing close above the minor wedge, NEM buyers should load their positions.
There is a stochastic buy signal in place and the only level to watch is that minor support trend line relative to NEM prices.
Overly though, the first bull target is at $0.22 and then $0.24
DASH PRICES ARE MOVING HIGHER AFTER BOUNCING OFF SUPPORT AT $540
We cannot discount the fact that even if there has been a correction, DASH is still up $180 this week. That by itself is impressive.
In the past 8 hours or so, DASH prices have been trending higher with price action surging past $600. Notice how the minor support trend line and the 20 period MA are working in tandem and rebuffing any USD bull pressure.
Undoubtedly, our main resistance level is at $670. However, today’s price action is all dependent on if DASH prices will be maintained above $600.
Stochastic bull momentum is high and should this momentum buoy DASH, then buy demand looks likely to continue.
It is for this reason that a buy stop at $630 may do the trick.
IOTA BULLS REJECT PRICES AROUND SUPPORT AT $0.66
Judging from the chart, USD bulls are pushing prices lower. However, their strength will surely depend on if they breach immediate support at $0.63.
In the last 24 hours, it is clear that IOTA bulls are rejecting any close below $0.66 as shown in the chart. To complement that rejection we note that there is a stochastic buy signal in place on top of candlesticks making higher highs relative to the lower BB.
In the weekly chart, bulls are in charge and as a result, any close above November 15 and 24 highs of $0.798 means IOTA bulls are resuming their charges.
MONERO BULLS TO AIM AT IMMEDIATE RESISTANCE AT $173
From yesterday’s post, Monero position entry was conditional.
First, entry depended on if price action could closed above the immediate resistance line at $173. Secondly, the formation of a stochastics buy from the oversold territory could further cement bullish assertion.
In the past few sessions, conservatives Monero traders have found a reason to go long based on the latter condition. It is clear that the 20 period MA is a reliable support now that prices are bouncing from it.
Concurrently, the upper limit of the buy zone at $154 remains a strong support zone as the chart shows. Monero intra-day traders should enter long and aim $174.
CLOSE ABOVE THE 20 PERIOD MA CONFIRMS NEO BULL RESURGENCE
With current NEO price action, traders should trade as it is. NEO bulls should enter long just to be in sync with the overall bullish trend.
It is obvious that support at $34 is significant. NEO reversal means that a bullish break out trade is in play.
Furthermore, notice how our bull trigger, the 20 period MA is now acting as a flexible support line after that break and close above earlier today. NEO bulls are in charge and we buy on every dip.
All charts courtesy of Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.