This month we will list down crypto assets that are in the bearish and bullish trend which hopefully can help you make a decision. Let’s find out more!
5 Bullish Crypto Assets
In the 4-hour time frame, the price increase started on July 16, 2022, when the chart showed that the price increased significantly to break out the EMA/200 and it stayed above this line, confirming the new trend, the bullish phase, on Tadpole Finance. The bullish phase will continue if the price does not break the support level of 24,720 – 25,365 and forms a candle below that range.
The MACD indicator indicates that the trend is in the positive zone with a positive histogram, the bullish phase has a fairly positive impact on the direction of the trend.
The closest resistance level is at 34,780 but this level will be confirmed as a breakout if a candle is formed.
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Ergo (ERG)
After previously moving sideways in a price range of 25,500 – 32,350, on August 11, 2022 Ergo broke out the resistance level and its price strengthened. It touched the level of 8,000 which was the highest price since the ERG listing on Indodax, but the price was unable to strengthen further because the RSI indicator signaled overbought, hence experiencing a correction.
The RSI indicator showed that after touching the overbought area and it is currently moving away from that zone, if there is a correction it will try to break the support level at 41,000. On the contrary, if the price strengthens, it will test the resistance at 55,200 price level.
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DASH (DASH)
The increase, which was quite significant, began with the ability to break through the resistance level at the price range of 700,000 and then formed an intact candle above the EMA/200 line. It strengthened to 887,000, but was unable to strengthen further because it had touched the overbought area on the RSI indicator. A correction can occur, if the price trend is not able to penetrate the 900,000 price level.
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Matic Network (MATIC)
The 4-hour time frame showed that Matic Network has been in the Bullish zone since June 13, 2022 when the candle was able to stay above the price of 8.130 and soared further and broke the 9,250 and 10,000 price levels, ever since MATIC strengthened up to the range of 85%.
The RSI indicator illustrates that the current trend is in the overbought area, where the price has strengthened significantly. The MACD indicator is in a positive trend, the strengthening will test the price level of 16,600 – 17,200 but reversed direction instead. The price weakening will test the 13,860 level, if it breaks it will move toward 13,000.
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Nexo (NEXO)
In the 4-hour time chart, it illustrates that there was a wick that occurred at the end of the Nexo’s candle, which should be put in consideration in determining the support and resistance levels, as on August 14, 2022, the price increased touching the level of 17,900.
The two lines of the Bollinger Bands indicator are far from each other, which will make the price of NEXO more volatile, the support line is at 12,900 price level while the resistance is at 19,800.
5 Bearish Crypto Assets
Here are the bearish crypto assets of the week!
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1X Short BNB Token (BNBHEDGE)
The decline from 1X Short BNB Token is inseparable from the strengthening of BNB coin. BNBHEDGE confirmed to enter the bearish phase after failing to stay above the 140,000 price and EMA/200. The MACD indicator signaled that the market is sideways, as seen from the two narrowing lines making limited movement between the 91,900 – 96,000 range, a break of one of these levels will determine the next direction.
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TitanSwap (TITAN)
The decline that occurred in TitanSwap was quite sharp, as seen on the 1-day chart when it touched the 83,000 price on June 21, 2022, but on July 1, 2022 the price weakened to around 60%. Both lines on the MACD indicator are moving positively but narrowing, this is in line with TITAN’s movement which is more limited in the range of 19,170 – 23,300.
The movement in the bearish zone will reverse direction if the price is able to break out and stay above the EMA/200 line at the level of 33.910, but it must first be able to break out the WMA/75 and WMA/85.
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Coalculus (COAL)
The bearish phase was marked by WMA/75 and WMA/85 which crossed below the EMA/200, COAL had been in the bearish zone since July 24, 2021. It had broken through the EMA/200 several times but could not last long because the RSI indicator showed that it is in the overbought area.
Price movement of Coalculus is experiencing bearish sideways, which is limited to the price range of 43 – 47. A strengthening will test the 55 price level, on the other hand a weakening will test the 33 price level.
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Maker (MKR)
The decline in MKR started occurring on January 03, 2022, when the price failed to penetrate the EMA/200 line. The nearest support level is at 15,095,000 – 15,110,000, if this price is broken it will next test the 12,700,000.
The bearish phase will reverse direction if the Maker is able to break out and stay above the 21,300,000 price level, but before touching this price level, it must first break the 20,000,000 price level.
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Binance USD (BUSD) ??
The Bollinger Bands indicator showed that the price moved quite volatile after previously moving sideways at the level of 14,900 – 14,940, then the price broke the support level which confirmed that BUSD was in a bearish phase.
The RSI indicator was in the oversold area, but has moved away from that zone, the bearish trend will change if the price is able to break through 14.765, if this level is broken it will test the 14.850 price level. On the other hand, a strong support level is at the price of 14,440.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish), each table above shows that if the 5 EMA value is higher than the 75.85 WMA and 200 EMA, the market tends to go up (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend. Overbought or oversold conditions are an indicator that the market is already at the point of changing direction of a trend.
ATTENTION: All contents which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take action in transacting either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the users. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.
