The major cryptocurrencies continue to move lower as riskier assets rebound. Prices are declining and will test the will of traders who are using a long only strategy to play these products.
XMR/USD Daily Chart Technical Analysis
Monero is moving lower, taking out Monday’s low, and poise to test key support.
Monero prices are moving lower as the downtrend continues as it is poised to test support near an upward sloping trend line, that comes in near 180. A break of this level would lead to a test of the February lows at 150. Resistance is seen near the 10-day moving average at 209. Momentum has turned negative as the fast stochastic generated a crossover sell signal. The MACD histogram is also printing in the red with a downward sloping trajectory which points to lower prices.
Up-side Target: 209
Down-side Target: 180 and 150
BCH/USD Daily Chart Technical Analysis
Bitcoin Cash is poised to test critical support levels.
Bitcoin cash prices are declining and appear to have already tested support near trend line support at 890. Resistance is seen near the 10-day moving average at 980. Momentum is negative as the fast stochastic generated a crossover sell signal, which points to lower prices.
Up-side Target: 980
Down-side Target: 890
XRP/USD Daily Chart Technical Analysis
Ripple prices are lower on Tuesday and grinding toward support
Ripple prices are under pressure and testing support near a horizontal trend line at 0.57. A break of this level could lead to a test of the December lows at 0.20. Resistance is seen near the 10-day moving average at 0.646. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints near the zero-index level with a flat trajectory which reflects consolidation.
Up-side Target: 0.646
Down-side Target: 0.57 and 0.20