EOS, NEM, SushiSwap Price Movement Analysis for 23rd February 2021

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Altcoins, such as EOS and SUSHI, recorded southbound breakouts from their parallel networks, with both $3.8 and $13.4 eyeing support levels on the charts. On the other hand, NEM hit a local high of $0.69 on the back of the purchase strain, before cooling off at the time of writing.

EOS

Source: EOS/USD, TradingView

EOS broke down from its parallel channel on a four-hour timeframe after the crypto price had fallen by almost 15 percent in the last 24 hours. The On Balance Volume slipped sharply as the selling pressure was pulling the price below its $4.2 support.

The RSI had yet to hit the oversold zone, indicating a delayed bullish scenario. An extended selling will likely see EOS drop down to the $3.8 support line. Any buying opportunities may be presented if the price is at the level described above. An early reversal would bring $4.5-resistance under the spotlight.

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NEM [XEM]

Source: XEM/USD, TradingView

NEM has gradually increased in charts over the last seven days, with gains of more than 37%. On the daily map, this uptrend seemed to be more apparent, with NEM at the helm of the markup process as the accumulation period ended.

At the time of writing, the price of the crypto looked set for a short-term correction, as the RSI was pointing south from the over-purchased area. The crypto candlesticks also traded along the top band of the Bollinger Bands, with a sharper pullback possibly. Support at $0.56 will keep the price down if the sale continues.

SushiSwap [SUSHI]

Source: SUSHI/USD, TradingView

Sushiswap pushed south from an ascending parallel channel after a candlestick had broken below the lower trend line. Moreover, there was a bearish divergence as the MACD line lowered its heights while the market went in the opposite direction. The lower close of the next few sessions will validate the breakout.

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The Chaikin Money Flow was going lower, looking to shift below the half-line as cash was moving away from the crypto-asset. Support levels of $13.4 and $12.9 will be in sight if the breakout is confirmed.

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