Ethereum (ETH) returns with a positive trend in crypto assets, followed by Uma (UMA) as a newcomer to the bullish ranks this week.
Curious about what crypto assets are experiencing bullish or bearish trends this week? Check out the full INDODAX Market Signal update below!
5 Bullish Crypto Assets
1. Ethereum (ETH)
Being in the uptrend zone on November 11, 2023, has quite a positive impact and is in line with the direction of the trend change that occurred on Ethereum (ETH), where the price has strengthened by about 35%. The bullish trend is assumed to be stronger to continue if the resistance level in the wide price range of 42,000,000-47,000,000 is passed and a candle is formed above the resistance.
2. Chainlink (LINK)
The price of Chainlink (LINK) still holds above the WMA/85 line, with the price of Chainlink (LINK) assumed to still not succeed in breaking the 260,000-290,000 resistance level. If this level is successfully passed, it will reach the next level at 400,000-420,000.
3. Uma (UMA)
Uma (UMA) has strengthened quite significantly. Looking at the 1-day chart during the bullish trend, Uma (UMA) strengthened by more than 120%, and the RSI indicator indicates that the Uma (UMA) trend is overbought.
4. Origin Protocol (OGN)
Origin Protocol (OGN) trend on the 1-day timeframe indicated by the MACD indicator is on a negative path. However, it does not align with the moving price where Origin Protocol (OGN) can still stay above the WMA/85. If the weakness that occurs penetrates more than the EMA/200, then the bearish trend will hit Origin Protocol (OGN).
5. IoTeX (IOTX)
The WMA/85 line holds the weakening trend of IoTeX (IOTX). The crossing of this line will test the strength of the 445-535 support, if this price cannot withstand the weakening trend that occurs, it is likely that negative momentum will determine the next movement of IoTeX (IOTX).
5 Bearish Crypto Assets
1. Crypto.com Chain (CRO)
Not being able to stay above the EMA/200, followed by the price range of 1,450-1,530 being broken downwards, confirms that Crypto.com Chain (CRO) is entering a new trend, which is bearish. Creating a candle below the 1,000 level will strengthen the downtrend phase for Crypto.com Chain (CRO) in the 4-hour timeframe.
2. Ocean Protocol (OCEAN)
Ocean Protocol (OCEAN) trend movement is on a positive path. This is inseparable from the MACD, which illustrates the same thing. the bearish trend will be confirmed to fail to resume if the EMA/200 is successfully broken, followed by the 7,900-8,400 resistance being passed.
3. Elrond (EGLD)
The downtrend phase of Elrond (EGLD) will be stronger to continue if the 737,000-780,000 area is broken, but on the contrary, if this area is not passed, then the potential for Elrond (EGLD) to go to and exceed 920,000-990,000 is still wide open.
4. THETA (THETA)
THETA (THETA) was above the EMA/200 but could not hold on because MACD confirmed a negative change, so the price of THETA (THETA) weakened. If it can form a candle above 17,000, it is estimated that THETA (THETA) will be able to correct the correction that has occurred.
5. Firo (FIRO)
Being stuck on the WMA/75 line makes Firo (FIRO) need more time to confirm the direction of price movements. Still, if prices continue to strengthen positively away from the line, then Firo (FIRO) has the opportunity to test the dominant resistance at the 32,000 level.
NOTES:
If EMA 5 crosses the WMA 75, 85, and EMA 200 lines, and these lines intersect from bottom to top, then the market trend tends to be upward (bullish).
Each table above shows that when the value of EMA 5 is higher than WMA 75,85 and EMA 200, the market tends to rise (bullish).
If the RSI and MACD values show the same condition, the market is showing the same trend; an overbought (overbought) or oversold (oversold) condition indicates that the market is at the point of changing trend direction.
