Recently, there was a massive blood bath in the cryptocurrency markets. This has price action has pushed DASH, NEO, TRON (TRX), Cardano (ADA), and EOS to the oversold regions of the market. Certainly, buyers are likely to emerge to push the coins upward.
DASH/USD Major Trend: Bearish
Today, DASH is in a bear market. During its uptrend, the cryptocurrency reached a high of $140 in a price rally. The rally was interrupted as it reached another high of $137. At the high of $137, the coin was in an overbought region.
Sellers came in to resume selling. Since on February 14, DASH has been on a downward move. The previous bull market has been completely erased by a bear market. Meanwhile, DASH is below 20% range of the daily stochastic. This implies that DASH is in an oversold region of the market. The emergence of buyers is expected to push the coin upward.
NEO/USD Major Trend: Bearish
NEO was previously in an uptrend as it reached a high of $16.72. At the high of $16.72, NEO was in an overbought region. Sellers also emerge as the coin resumes its downward move.
The first bearish impulse reaches the low of $10.97 but a retest at $12, pushes the cryptocurrency to the low of $5.71. NEO has also run into an oversold region of the market. Meanwhile, selling pressure has not been exhausted as sellers threaten to short further. The coin is below 20% range of the daily stochastic. This also means that the coin is in an oversold region.
TRON/USD Major Trend: Bearish
TRON (TRX) is in a bearish trend. The upward move of the bulls was interrupted at $0.026 when the bulls were resisted. The market fell sharply from a high of $0.026 to a low of $0.0085. Nonetheless, TRON has fallen into the oversold region of the market but buyers have emerged to push the coin upward. TRX is currently below level 23 of the daily Relative Strength Index. This implies that the coin is in the oversold region.
ADA/USD Major Trend: Bearish
Recently, Cardano (ADA) reached a high of $0.070 while in a bullish trend. ADA became overbought at a high of $0.070. The coin made a gradual downward move to its current low. In the first bearish impulse, the market fell to a low of $0.055 and resumed consolidation.
After a while, it dropped to a low of $0.045 to resume another consolidation before the final drop to a low of $0.020. Meanwhile, Cardano is currently at level 21 of the daily Relative Strength Index. This implies that the cryptocurrency is in the oversold region of the market. It is likely that buyers will emerge to push the coin upward.
EOS /USD Major Trend: Bearish
EOS continues its downward move to the low of $1.69 after the bulls fail to hold the $3.0 support level. Actually, the market consolidated for three days above the support level before the bears broke the level and the price dropped to the current low.
The coin has become oversold at a low of $1.69. It is not surprising as the bulls as starting arriving to push EOS upward. On the upside, the critical support line is the $2.50 support level. EOS will commence its upward move if price breaks above $2.50 or above the support line of the descending channel.
