The world’s 10th largest cryptocurrency, Monero (XMR) is currently reshaping its trend following the drop on Monday this week. The large crypto market also suffered under the sudden bear bite with the top 20 digital assets sinking the most lead by Bitcoin (BTC). In spite of the drop, the entire crypto market’s capitalization managed to stay above $200 billion.
Monero (XRM) Price Analysis
Monero has a market capitalization of $1.7 billion and CoinMarketCap records a 24-hour exchange trading volume of $11 million. In the last couple of weeks Monero has maintained the trading volume between the lower limit at $10 million the and the upper limit at $20 billion. The market cap, on the other hand has been stable above $1.6 billion with the upside unable to make it above $1.8 billion.
The signals on the chart are positive at the time of writing with the stochastic oscillator signal making advances headed for the overbought regions. The RSI is heading north as well but it is currently moving sideways at 52.11%. The recoil from the support at the swing low ($100.9) has corrected above the trendline resistance. Additional gains have made it above the $104 but face acute resistance pressure at the 50% Fib level with the last swing high of $108.09 and a low of $100.9.
For XRM/USD to correction higher, a support must be established above $104. Besides, gains above the 61.8% Fib level close to $105.4 must be sustained. The 100 SMA will hinder movement at $106.78. The bulls will also face more pressure at the supply zones highlighted by the swing high at $111.
Ethereum Classic (ETC) Price Analysis
Ethereum Classic is virtually motionless, besides the assets appears to have found a home below $10.00. Likewise, the buyers have been careful to endure the bear pressure in order to prevent a slide below $8.00; a move that could trigger declines towards $5.00. Prior to the much publicized Coinbase support, ETC was trading between $15.00 and $20.00. However, the listing at Coinbase was buried by the bearish trend in the market.
Ethereum Classic is currently range bound and embracing a sideways trend. The consolidation comes after brief sharp declines on Monday. When you zoom the 15’ chart, we can see that the crypto is trading relatively higher from the trendline support. There are gains forming above the 100 SMA while the DMI signal shows that the trend will continue in the near-term. In addition to that, the stochastic is reaching towards the north; this shows the bulls are increasing their entries. ETC/USD has to break from the range limit at $9.02 to ensure sustained upwards movement heading to $10.00.
Nano (NANO) Price Analysis
Although, the gain trimming exercise is underway, Nano is the bull among the stubborn bears on Wednesday. The crypto is up 5.24% in the last 24 hour following a bullish correction from the support at $1.87. The price engaged forward gears and added gains above $2.00 during the European trading hours. While the gains continued above $2.05, Nano lost steam at the swing high close to $2.07.
A lower correction has been supported by both the bullish trendline and the 61.8% Fib level. The next support is at the 100 SMA but the major support rests at $1.87. As long the bulls keep the price above the trendline, NANO/USD is likely to correct higher above the resistance at $2.07 in readiness for another upswing towards $2.5.