In the course of trading on 24 December on the markets of major altcoins saw an increase in bearish trends. You should assess the risks of long positions with likely short term bullish trend.
EOS/USD
At the time of market analysis the EOS token is traded for $2,9370 with the decline of quotations from the key resistance level of $3,0810. In the Asian session the current session on a strong upward momentum the bulls managed to break through the key resistance level.
However, to gain a foothold above $3,0810 buyers failed, and in the background of the growth in sales value of the instrument was thrown back to the dynamic support level $2,8960.
These technical indicators indicate a preserved capacity of the bulls to hold in the short term prices EOS above the level of the local reversal of the uptrend. Values of relative strength index are in the buying zone, but the RSI line tends to move down.
There is a high probability of breakdown of the support price at $2,8960 with the decline of quotes to the nearest support at $2,8060 and lower pivot at $2,6350.
Recommended short selling of the EOS on the price breaks the support level of $2,8960 with order of $2,8000 and $2,7000.
XLM/USD
The current trading session opened with a Stellar quotes $0,1294, above the level of the local reversal of the bullish trend $0,1216 and with the support of the moving average EMA14. On the strong upward momentum the pair has reached a price of $0,1476 on the second key level of resistance.
At the time of the review of the market the pair XLM/USD is trading at $0,1331 with decrease in quotations to the dynamic support level $0,1319.
Given the sharp increase in bearish trends on the global stock market, we assume that the breakdown of the marked level of support will attract additional volumes of sellers, which in turn will lead to lower prices Stellar in the range of $0,1270-0,1216.
Accordingly, the point to enter the market with short sales XLM/USD should be sought below the support level of $0,1319. Target for short positions is $0,1270 and $0,1240.
ADA/USD
At the time of the market review of Cardano to the United States dollar is trading at $0,0458. Temporary support price of scriptactive buyers have formed the dynamic level of the moving average line EMA14 with the current value of $0,0457.
Breakdown support that has a high probability, will give the bears room for a price reduction Cardano to $0,0407 at the level of the reversal in the current uptrend.
At the moment, the values of relative strength index are in the field of purchases, however the indicator line tends to move down. Breakdown of line 50 line RSI14 neutral level will give a signal for sales of the cryptocurrency.
Are recommended Cardano below $ prices $0,0457 with order $0,0435 and $0,0410.
Trading recommendations are not a reference to action. Following the recommendations, you assume all associated risk of loss.
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