At press time, EOS was trading between its 50 SMA and 200 SMA, while Waves had broken out of an ascending triangle shape but was stabilising at lower speeds. Finally, Zcash’s losses were cut around the 38.2 percent Fibonacci mark, which was found at $136.21.
Lower OBV highs illustrated market selling pressure as EOS pushed south from the $4.47-resistance. The candlesticks were sandwiched on the 4-hour timeframe between the 50 SMA (blue) and the 200 SMA (green), which served as resistance and support lines, respectively. A convergence of the two moving averages may also be a bullish sign.
The RSI was pointing north from about 50, and a step into the upper region would almost certainly result in EOS flipping its overhead resistance. This might open the door to more gains up to the next limit of $4.47. A break below the 200 SMA, on the other hand, could result in a prolonged sell-off to a solid region of support at $3.74.
Waves broke out of an ascending triangle yesterday, taking it over the $12 mark for the first time in 33 days. However, a sell-off occurred at higher prices, and the market drifted closer to the $11-support mark. The 24-hour trading rate rose by more than 110 percent, reaching more than $350 million, suggesting that traders had undoubtedly locked in profits as the price reached $12.
The Stochastic RSI was dropping from just below the overbought zone, while the MACD’s histogram indicated a decrease in momentum, despite the fact that the MACD line had risen above the Signal line. Stabilization at the press time support level would be beneficial in the short term, and the bulls’ next goal would be above $13.
On Zcash’s 4-hour scale, there was some bullish momentum as the price sought support at the 38.2 percent Fibonacci retracement stage. Previously, a drop into the press time channel sparked some bidding, sending the price higher, and more of the same was predicted in the future. As ZEC bulls cushioned a sell-off at $136.21, the RSI rose from near the oversold area.
The Chaikin Money Flow tracker was also pointing north, and a jump over the half-line could result in substantial cash inflows for the cryptocurrency, driving the price above the 50 percent retracement stage.
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