In the past few days, the altcoin market shed a lot of value, with some coins losing two-digit percentage points over the past week. Monero did not see significant sales volume over the same time period, something that suggested its strength in the market. Waves was rocked by the latest bout of Bitcoin volatility, but was likely to set up an uptrend once again. Finally, Maker briefly dipped below $ 500, but recovered and defended the level well over the past few days.
Monero formed an expanding wedge, a bearish reversal pattern that saw the price drop to $ 130 and short of the $ 127 support level as well.
This coincided with Bitcoin’s fall from $ 19,200 to $ 17,900. Bitcoin fell further to $ 17,600, but XMR was in high demand at $ 127.
As Bitcoin moved to $ 18,300, XMR shot up to $ 142. While the rest of the altcoin market posted losses, Monero was not overwhelmed by sellers, as shown on the OBV where no lower was set.
This indicated strength from the penny in the medium to long term. Above $ 142, he can expect to find resistance at the psychological $ 150 and the $ 170 resistance levels.
It recovered $ 7.2 waves and rose past the $ 8.16 level. Although it was too early for confirmation, it was likely that WAVES had resumed its previous amendment.
The price fell out of the ascending channel due to the recent collapse of Bitcoin, but it did recover and appeared to be heading back to the channel. The RSI also pick up and drop past the 50 neutral line.
It seemed possible that the price would re-test the $ 8.16 support and the RSI would re-test 50, and WAVES would continue to rise toward $ 9 in the coming days.
The 20 (white) SMAs, which acted as resistance over the past few days, had been flipped in support of press time. MKR once again rose past the stubborn $ 500 level, a level it has defended since late September.
In the short term, there was a bullish outlook. The 50 SMAs (yellow) acted as resistance, and the regions at $ 530 and $ 550 can be expected to serve as supply zones.
The MACD also formed a bullish cross, but below zero.
In terms of its longer-term outlook, the price hadn’t cut convincingly outside the $ 500- $ 600 range it was trading at most since late September. Therefore, these levels can be used to enter long and short positions provided the long-term outlook does not change significantly.