Ethereum Classic, Polkadot, Monero Market Analysis for 8th January 2021

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Ethereum Classic flipped the $7 level of support and was likely to challenge the next level of resistance at $7.5. Polkadot struggled to break out of a bullish trend and went down towards the $9 point, and could see a shift as far south as $8 if Bitcoin or Ethereum encountered any instability. Monero rebounded dramatically from the $130 support stage, banging $150 on the doors intently.

Ethereum Classic [ETC]

Polkadot, Monero, Ethereum Classic Price Analysis: 08 January

Source: ETC/USDT on TradingView

Last week, ETC rose past $7 to test $7.5, was refused, and found help in the $7 area. Candlewicks were bought up lower down and the OBV also showed that the number of sales has slowly grown over the last two weeks.

The MACD developed a bearish crossover when the ETC was rejected around $7.5, but this poor sell signal is likely to correct and create a bullish crossover. The protection of $7 was more upside down for ETC, and the purchasing demand needed to push rates beyond the threshold of resistance was likely to be discovered.

Polkadot [DOT]

Polkadot, Monero, Ethereum Classic Price Analysis: 08 January

Source: DOT/USDT on TradingView

The market struggled to break out above the $10.5 resistance mark, even though it formed an ascending triangle line, a bullish pattern that most frequently sees an upside breakout.

The Amazing Oscillator noticed the diminishing bullish energy behind DOT and crossed across to bearish territories to signify rising downward momentum.

The $9 area has been essential to DOT over the past week and could serve as support, failing which the next standard of support at $8.5 and even $8 could be checked.

Monero [XMR]

Polkadot, Monero, Ethereum Classic Price Analysis: 08 January

Source: XMR/USDT on TradingView

The quick recovery from the $130 level of support faced opposition at the $150 mark and was pressured to dip to $140, and seemed to be going back up again.

The RSI grew above the neutral 50 value and retested it as support for a short-term uptrend.

Another $150 refusal could see XMR decline to $140, and the market response at this mid-point would suggest the next short-term course for XMR.

Going beyond $150 will spell redemption for XMR and $156 should be expected to be checked soon.

In other reports, the crypto exchange BTSE offered Wrapped Monero [WXMR], an Ethereum token backed by Monero 1:1. This offers XMR holders the ability to use their tokens to enter DeFi space opportunities without having to swap them for Ether.

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