Monero, Polkadot, Composite Price Analysis: 20 December

Monero traded within range over the past week and although it lacked momentum in the short term, its long-term outlook remained strong bullish. Polkadot formed a bullish reversal pattern, one that could break out to see the price move toward $ 5.8, while Compound is treading water above the $ 152 support level to indicate a period of consolidation.

Monero [XMR]

Source: XMR / USDT on TradingView

The $ 148 and $ 160 levels formed the range in which XMR has been trading for a few days now. In the short term, this can be expected to continue. XMR had been a strong performer in recent weeks. The $ 150 level is up two years, and bulls would need to collect steam before further gains toward $ 170, the next level of resistance.

The MACD formed a bearish intersection and was correcting after gathering neutral momentum as it neared zero.

For the price, closing below $ 148 could see the price revisit at $ 137, while moving past $ 160 would be very strong.

Polkadot [DOT]

Monero, Polkadot, Composite Price Analysis: 20 December

Source: DOT / USDT on TradingView

The RSI it showed that DOT was still better as it had not fallen significantly below 50. However, the lower price did not go up over the last three days. It seemed to form a descending triangle pattern.

Trading volume was also on a decline over the same time period. This implied that a cut-out was just around the corner. A candle close above the triangle would see a DOT head back up to $ 5.8.

A candle close under the $ 5.2 support could see the value of DOT go down again.

Compound [COMP]

Monero, Polkadot, Composite Price Analysis: 20 December

Source: COMP / USDT on TradingView

COMP regained the $ 100 level in early December and has not looked back since. It saw strong upward movements to flip level after level of resistance to support, but the strong rise had given way to a period of consolidation for COMP, at press time.

At the time of writing, it was at $ 157, slightly above the support level at $ 152. The Volume Profile Visible Range it showed that the Control Point for bulls and bears was $ 154.

The VPVR also suggested that $ 150 is a region with good trading activity, one that should serve as strong support. Finally, the Awesome Oscillator bearish twin peaks formed.

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