After enjoying a Bullish run over the last couple of days, the various Altcoins are looking towards a Bearish outlook in the coming days. Previously held support zones have been tested and breached as the various candle sticks turned red.
Over the last 24 hours also, investor sentiments dropped significantly as will be seen in the Relative Strength Index of some of the charts. This was attributed to the incoming bearish outlook as seen below:
Over the last 24 hours, NEO has lost by 1.89% and is currently trading at $8.77. The relatively sharp decline in its price has spoiled over into its market performance where investors were quick to dispose of their coins. As can be seen in the RSI (A), sales increased with the decrease in NEO’s price and is currently headed towards 40(towards the point of ‘over sale’).
There is a general Bearish outlook in the markets which has had the effect of bringing BTC under the $4000 mark. This is also expected to seem with NEO given that its 9 day EMA (C) is facing downwards and the 30 day EMA (B) upwards. The two are about to cross over each other which suggests that NEO’s price, currently at $8.77 may come down further.
Dogecoin began the day trading at $0.00211 and is now at $0.00209. This marks a 1% drop in its price. The drop in price adversely affected investor sentiments in the coin, with its RSI (A) dropping from ‘under bought’ towards the ‘oversold’ area. This means that investors have low hope in the coin picking an upward momentum for better prices.
In the chart, all indicators point towards a Bearish run in the coming days. The 9 day EMA (C) was downward facing for the better parts of the day while the 30 day EMA (B) was upward facing. At the moment, the 30 day EMA seems set to cross over on top which is a strong indicator of a downward trend.
Unlike Dogecoin and NEO, VeChain underwent a Bull Run over the last 24 hours. It is currently up by 8.67% and is trading at $0.004666. In the markets, investor sentiments are high, threatening to go into the ‘undersold’ area. The RSI (A) is at 67 going to 70 which shows positive investor sentiments.
The 9 day (C) and the 30 day (B) EMAs form a reverse contracting triangular pattern which shows that the Bull Run is set to continue.
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