At the end of the day, Maker was supposed to trade within a set channel until there was a strong pattern in its market. Tezos was in danger of a prolonged sale after its price had fallen below the 50-SMA. Waves started on its downtrend after snapping a local high of three years.
MAker was moving in range-bound, at press time, noticing a lack of clear traction on either side. The MACD was bearish-neutral, while the Stochastic RSI was south-facing. The breakout did not seem possible in the next few sessions, with Maker expected to shift inside its fixed channel before a strong pattern emerges.
A increase in buying and trading volumes would be required to break over a high $2,570 resistance line. Conversely, a pullback in the wider market might see MKR move below its press time support line.
Unlike most other altcoins on the market, Tezos traded in red at press time, having dropped its price by more than 2% in the last 24 hours. There was a possibility of another sale at a press time price of $4.45 as the candlesticks moved below the 50-SMA (red). A fall below the press time support level will present the next defensive line at $4.1.
The red bars of the Amazing Oscillator moved below the half-line as the momentum settled with the sellers. Stochastic RSI, on the other hand, witnessed a bullish crossover in the oversold zone. The bullish result will see that XTZ could rise over the $4.6-mark on the charts.
The Parabolic SAR dotted markers highlighted the downtrend of Waves after the cryptocurrency snapped the local peak at $12.9. At the time of the press, the market bulls kept on to the $10-mark after the pressure of purchasing had picked up. In addition, the RSI settled below 50 as the price attempted to rebound on the charts.
A favourable result may have seen WAVES rise to $11.3 above its upper ceiling. If the downtrend persists in the next few sessions, the next level of support will be $8.9.
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