Ethereum, EOS, MATIC Price Movement Analysis for 14th May, 2021

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Ethereum fell deeper into the red zone on another bearish day for the market’s alts, but the $3,600-$3,810 range provided some help to the bulls. EOS fell to the 61.8 percent Fibonacci retracement stage above $10. MATIC, on the other hand, shocked the market by reporting losses in the last 24 hours, but low volumes contributed to the scepticism.

Ethereum [ETH]

Recently, the price of Ethereum has been inversely proportional to the price of Bitcoin. Although the king coin entered a stabilisation process, Ethereum achieved numerous milestones of its own, with the most recent rally lifting ETH from $3,200 to an ATH above $4,300. While the economics of ETH were the primary drivers of this price increase, it was difficult to disregard the technological component of its price.

The sector eventually saw a correction, with the world’s largest altcoin dropping to a purchase zone available between $3,600 and $3,810. Although the bulls were able to absorb some losses in this area, they will need to protect it in the coming sessions as well.

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According to the Awesome Oscillator’s red bars, momentum was high on the sale hand. This indicated that the $3,600-support was more of a temporary buffer than a catalyst for a bullish rebound. The RSI fell below 54 for the first time since April 26th, and a jump into the oversold zone will indicate further southbound movement for ETH.


Source: EOS/USD, TradingView

The Fibonacci tool on EOS demonstrated a few reliable support areas during the 4-hour timeframe. During recent pullbacks, the Fibonacci values of 61.8 percent ($9.8) and 50 percent ($8.7) have held up particularly well. A fall below these thresholds, on the other hand, could significantly dampen EOS’s short-to-medium-term trajectory.

The 38.2 percent Fib level at $7.7 provided the bulls with a stopping point. Surprisingly, this region also corresponded to the 200-SMA. A break below the long-term moving average could lead to a sustained bear market, making it difficult for bulls to reclaim leverage.

Prior to the pullback, the RSI was not only overbought, but it also displayed a bearish variance with the market. Perhaps a more concerning indicator was the OBV’s recent downward slide. With significant selling pressure in the market, EOS can fail to initiate a short-term recovery.

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A rise above the upper sloping trendline, on the other hand, would signal a revival of purchasing pressure.


Source: MATIC/USD, TradingView

Despite a 2.4 percent gain in the previous 24 hours, MATIC remained optimistic at the time of publication, defying the wider market trend. The 4-hour map showed buying near the $1.02 mark, which corresponded to the 20-SMA. On the downside, volumes around exchanges were not at levels seen in recent days, which may put a wrench in the works.

If the wider market remained bearish, selling pressure was expected to resume at $1.22. However, an increase in volumes may signify a strengthening trend.

The MACD was approaching a bullish crossover and remained well above the half-line. On the other hand, a drop below equilibrium may activate some support lines. A few of them were trading at $0.93 (50-SMA), $0.85, and $0.68. Meanwhile, according to the Chaikin Money Flow, capital inflows into MATIC have stayed stable.

MATIC’s most recent surge was most likely the product of a mixture of factors rather than just emotion.

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