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Crypto Price Analysis Jan. 24: XLM, MKR, NEO, DASH, DOGE

The cryptocurrencies under consideration have divergent moves. Stellar (XLM) and DASH are making impressive moves to come out of the downtrend zone. The coins needed to overcome their initial resistance to continue the upward moves. Maker (MKR) and NEO are trading within a confined range. Buying power dries up at a higher price level. Dogecoin is still trading in the bear market as the coin faces further depreciation.

XLM/USD Major Trend: Bullish

Stellar (XLM) is in a bullish trend. On January 14, the coin was making an impressive move. XLM at a low of $0.048 moves up to a high of $0.064. The bulls could not break the $0.064 resistance. Each time the resistance is tested the coin will fall either to the low of $0.062 or $0.060. The bulls were resisted after making three unsuccessful attempts.

XLM/USD - Daily Chart

The coin fell to the support of the 12-day EMA. Meanwhile, the Relative Strength Index period 14 level 58 indicates that the coin is in the bullish trend zone. When the RSI was above level70, Stellar has moved up $0.064 which was the overbought region where sellers came in to push price downward. XLM will move up if the 12-day EMA support holds.

MKR/USD Major Trend: Ranging

Maker (MKR) is in a sideways trend. The coin has been ranging between $400 and $800 since 2018. The cryptocurrency is relatively stable and good for position traders. In the first and second quarter of 2019, the coin was trading near the upper price range.

MKR/USD - Daily Chart

Nonetheless, in the last quarter of 2019, the coin dropped to the lower price range. A range-bound trader should have booked some profits if he or she has shorted near the upper price range and exited his trades near the lower price range. Now is the time to take a long trade in anticipation of an upward move.
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NEO/USD Major Trend: Ranging

NEO is in a sideways trend since October 2019. The coin has been facing resistance at $12. The bulls have made three unsuccessful attempts to break the resistance. Each time the bulls were resisted, the coin will fall either to the low of $8 or $10.

NEO/USD - Daily Chart

Presently, NEO is falling and may likely reach a low of $8 before another upward move. Meanwhile, the Relatively Strength Index period 14 level 52 indicates that the coin is above the centerline 50. That is the coin will rise.

DASH /USD Major Trend: Bullish

DASH is currently in a bullish trend. Recently, the coin reached a high of $140 but was resisted. The coin dropped to the low of $100 and pulled back to retest the $110 price level. Later it dropped to the $100 price level. DASH is currently above the support of the 12-day EMA.

DASH/USD - Daily Chart

The coin is likely to move up again if the support holds. Conversely, if the support cracks, DASH will further depreciate. Meanwhile, the market is trading below a 60% range of the daily stochastic. It indicates that the coin is in a bearish momentum

DOGE/USD Major Trend: Bearish

DOGE/USD - Daily Chart

Dogecoin (DOGE) is still in a bear market. On January 14, the bulls broke the downtrend line to reach a high of $0.0025. Unfortunately, DOGE faces another selling pressure as the coin falls back to the descending channel. The downward move is likely to continue to a low of $0.0020. The Relative Strength Index period 14 level 49 indicates that coin has fallen to the range-bound zone.

Featured image via Shutterstock

 

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