Dogecoin, Dash, Cardano and TRON Break the Downtrend Lines amid Bearish Exhaustion
The 5 cryptocurrencies under review on Coinidol.com world news outlet have all moved to the bull market as others consolidate at the oversold region. The Dogecoin, TRON and Bitcoin SV have moved up as soon as the initial resistances were broken.
DOGE /USD Major Trend: Bullish
The Dogecoin has exhausted its bearish move as the market drops to a low of $0.0022 and pulls back. The latter action enables the coin to break the downtrend line and resume a bullish movement. As the price breaks the downtrend line, it indicates that the selling pressure may have been ended.
The bulls have taken charge of the price but are facing resistance at the $0.0028 price level. Presently, the price is above the EMAs, which indicates that it will rise and retest the $0.0028 resistance level. A break at the resistance level will mean that Dogecoin will reach a high of $0.0032. The bull’s failure to penetrate the resistance level will result in a sideways move.
DASH /USD Major Trend: Ranging
The DASH/USD pair has been consolidating at the oversold region for the past two months. This was the previous low in February where the DASH market traded before its upward movement. The consolidation has created a price range between the levels of $65 and $80. A break below the support line of the channel will push DASH to a new low. However, a breach above the resistance line of the channel will see DASH to a high of $100.
ADA /USD Major Trend: Ranging
Cardano has fallen to a low of $0.035 and commenced a bullish move. The bulls succeeded in breaking the downtrend line but failed the break the resistance line of the channel. The price is now confined to a range-bound move in the horizontal channel. According to the Fibonacci tool, the ADA price will fall to a low of $0.030 and then reverse.
TRX /USD Major Trend: Bullish
In November, the TRON has been retracing from a recent high after testing the $0.022 resistance level. The price has fallen and found support at the 26-day EMA. This indicates that the coin will resume its upward move to retest the $0.022 and $0.025 resistance levels. A breakthrough will make TRON reach a high of $0.030
BSV/USD Major Trend: Bullish
Bitcoin SV (BSV) has made a remarkable move as it breaks above the downtrend line and the previous low. The coin moves up but it is being resisted at the $140 price level. In the last one week, the coin has been trading below the resistance level. Presently, it is above the EMAs which indicate the coin will rise and retest the $140 price level. The success of the bulls will see the coin rise to $180 price level.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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