The last few days saw the altcoin market shed a lot of value, with some coins losing double-digit percentage points over the past week. Monero did not see significant selling volume over the same time period, something that hinted at its strength in the market. Waves was rocked by the latest bout of Bitcoin volatility, but it was likely to establish an uptrend once more. Finally, Maker dipped briefly under $500, but recovered and defended the level well over the past few days.
Monero formed a rising broadening wedge, a bearish reversal pattern that saw the price drop to $130 and briefly to the $127-support level as well.
This coincided with Bitcoin’s drop from $19,200 to $17,900. Bitcoin dipped further to $17,600, but XMR had sufficient demand at $127.
As Bitcoin moved to $18,300, XMR shot upwards to $142. While the rest of the altcoin market posted losses, Monero was not overwhelmed by sellers, as shown on the OBV where a lower low was not set.
This indicated strength from the coin in the medium to long-term. Above $142, it can expect to find resistance at the psychological of $150 and the $170-resistance levels.
Waves recovered from $7.2 and rose past the $8.16-level. While it was too early for confirmation, it was likely that WAVES had resumed its prior uptrend.
The price fell out of the ascending channel due to Bitcoin’s recent drop, but it was able to recover and appeared to be headed back into the channel. The RSI also picked up and rose past the neutral 50-line.
It seemed possible that the price would retest the $8.16-support and the RSI would retest 50, and WAVES would continue to rise towards $9 in the coming days.
The 20 SMA (white), which acted as resistance over the past few days, had been flipped to support at press time. MKR also rose past the stubborn $500-level once again, a level it has defended since late-September.
In the short-term, there was a bullish outlook. The 50 SMA (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 crossover, but under zero.
With respect to its longer-term outlook, the price was yet to convincingly break outside of the $500-$600 range it traded within for the most part since late-September. Hence, these levels can be used to enter long and short positions so long as the long-term outlook doesn’t change significantly.