Dogecoin, Ethereum, IOTA Price Movement Analysis  for 7th March, 2021

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Ethereum recovered the $1,600 mark when the purchase was picked up, but the bulls met a crucial challenge at the $1,676 resistance stage. IOTA has pushed against wider market forces and priced in red as bears target the critical 50 percent Fibonacci retracement stage. Finally, DOGE passed within a descending triangle, but the collapse appeared impossible to go on.

Ethereum [ETH]

In the last 24 hours, an increase of more than 7% enabled Ethereum to recover the $1,600 mark from the bears. The On Balance Volume has developed higher levels over the past few sessions as the purchase operation has picked up on the world’s largest altcoin. The next obstacle for the bulls was the $1,676 resistance point, which also coincided with the 200-SMA.

Successfully breaking the long-term moving average could give ETH a psychological lift, and the bulls could hit the $1,8oo level. In the other hand, the Stochastic RSI traded in the over-purchased zone and indicated that ETH was due to a move forwards pullback. In such a scenario, the $1,432 help will presumably contain the price of going south.

IOTA

Source: IOTA/USD, TradingView

Bucking the wider market theme, IOTA blinked red at press time as the $1.40 sale continued. The bulls granted a retracement pace of 61.8 per cent to Fibonacci as the momentum improved on the sales side. The same thing was captured by the red bars of the Awesome Oscillator, which pushed towards the halfway point. However, the next step of Fibonacci may be counterproductive to the short-term price of IOTA.

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Moving below the 50 percent Fibonacci retracement level could lead to a prolonged bearish condition for IOTA. If the bulls defend the above-mentioned mark, there may be a bullish bounce back on the cards. The Chaikin Money Flow shows that some of the capital that escaped the IOTA market was flowing back into the cryptocurrency as the index pointed to the north, towards the half-line.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

A descending triangle formed on Dogecoin’s 4-hour chart, characterised by lower heights and steady lows. While the price normally follows a breakdown of the trend, the distribution process of DOGE could continue for an extended period of time as the wider market lacked a specific path. The ADX Indicator rested on the 13-point mark and revealed that there was no clear demand trend. This also meant that major market spikes were rare in the coming sessions.

If the failure happened earlier than predicted, the $0.03 help may be under the spotlight. Traders will still have the option of moving a long way from this mark.

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