There Are Clear Signs Of Bullish Pressure In The Cryptocurrency Market

Weekly Outlook – What’s Going On With Monero, Dash, EOS and Stellar

The crypto market is starting to show minor yet clear signs of bullish pressure, with more and more coins jumping to double digit percentage gains over the last few days. The overall market capitalization holds steady around $120 billion but don’t jump on the bandwagon just yet. We are still in a long term crypto downtrend so there is elevated risk.

Monero (XMR)

Currently trading near $48.00, Monero is up 11.45% during the last 7 days and sits at number 13 in the CoinMarketCap rankings.  After establishing support at $39.0, the USD/XMR pair traded for an extended period just above the level but now we can see an attempt to break out to the upside. In the long term context, this jump doesn’t mean all that much because the pair is in a clear downtrend but at least it’s a sign that the buyers are becoming interested. If this move gains some traction we may see a follow up into the 100 days EMA (red line), maybe as soon as the end of the week.

Dash (DASH)

Dash is trailing behind Monero and is the 15th cryptocurrency by market cap, with a total value of $710,434,207 and trading at 82.35 against the US Dollar. Dash was in a strong downtrend for the entire 2018 and seems to have bottomed out around $59.0. The last 7 days have been prolific for the cryptocurrency, which posted 21.61% gains and entered into the space between the 50 days EMA (blue) and 100 days EMA (red). This territory is a resistance zone, so if the bulls don’t manage to break above it, we will probably see a re-test of the support at the 50-day EMA.

EOS (EOS)

This is one of the few cryptocurrencies to print an all-time high during the 2018 crypto market crash, but it’s been downhill ever since that huge climb. Currently EOS is sitting at the 5th spot in CoinMarketCap rankings with a total market cap of $2,508,907,807 and a trading price of 2.77. Having bottomed out at $1.60 the pair has staged a minor recovery and is now attempting to break the 100 days EMA (red). Unless we see a breakout above said moving average, the chances of a significant recovery are slim and we might see a drop below the 50 EMA (blue) by the end of the week.

Stellar (XLM)

Of the four coins analyzed today, Stellar is the only one in the red, having lost more than 2.50% over the last 7 days. The coin is trading at 0.076 against the US Dollar with a total market cap of $1,463,572,273. This puts it at number 9 by market capitalization but that rank is tenuous. Stellar recently broke its all-time low located at 0.092 and is now trading in 0.07 area with the two EMAs crossed bearish and spread apart. All these are bearish signs, so the pair may go lower by the end of the week. However, it must be noted that the RSI has exit oversold territory which is about the only bullish sign present, but it may just be setting up for another move lower.