A minor correction in the broader market saw DOT, XMR and IOTA altcoins fall to their respective support levels at the time of writing. However, the bulls rushed to counter the selling pressure and the aforementioned altcoins appeared to stabilize at higher levels on the charts.
The formation of “three white soldiers” on Polkadot’s 4 hour chart gave strong bullish signals after price rallied from the $ 25.4 support. 24-hour trading volume reached $ 5.1 billion and buying activity was also on the rise.
The correction is expected to be short-lived and a rise to record highs was certainly a possibility over the next few sessions as on-chain metrics supported a prolonged bullish result. The relative strength index has moved strongly towards the overbought zone. While the MACD closed on a bullish cross. A rise towards the $ 30 level was on the charts as long as the bulls hold the $ 25.4 support level over the next few sessions.
Although Monero has regained more than 5% in the past 24 hours, an upward movement has been noted on its 4-hour chart at the time of writing. The same reflection on the On Balance Volume, which again envisioned a recovery to record levels. A hammer candlestick on the charts signaled a potential bullish reversal after price moved south towards the $ 211.8 support.
On the other hand, the Awesome oscillator the red bars moved closer to the balance mark and projected a bearish result. Nonetheless, buying pressure could override bearish forecasts and XMR could break through its upper cap in the future.
Similar to its XMR and DOT counterparts, IOTA also noted a bullish move after the price recovered from the $ 1.02 support. The Stochastic RSI favored a further upside for IOTA as the index moved north from the oversold zone.
Capital inflows to IOTA have also been strong, CMF moved above the half line. The next few sessions could see the price move towards a resistance of $ 1.28 if the technical details hold. If the bears hold at the aforementioned level, some rangebound movement can be expected in the short term.
Well done, you’ve read this entire article!
To congratulate you, we will offer you our free method of investing in cryptocurrencies simply and automatically with the objective of generating regular income while protecting your capital as much as possible.
To access your giveaway, click here and register: https://www.fructify.io/actucrypto.