The bulls in the marketing are enjoying a breather as the market turns slightly bullish on Wednesday 15. Most of the digital assets are correcting higher and trading in green. Bitcoin (BTC) led the recovery using the $6,000 support. It took a swing on $6,500 but a bear reaction has sent downwards, seeking balance above $6,300. Ethereum (ETH) has recorded slight gains as well but the upside is still limited below $290 and $300 resistance lines. Ripple closes the top three coins with gains above $0.28. The analysis today will focus on the biggest gainers among the top 20 coins in the market.
NEO Price Analysis
NEO recently declined to test the primary support at $14.00. The overarching declines have dominated in the market for a couple of weeks now. Key support levels have been broken along the way at $30.00 and $20.00. NEO/USD managed to find a balance above $14.00 yesterday and in turn formed a short-term contracting triangle.
There was an upward movement above $14.50 which broke the 23.6% Fib retracement level resistance at $15.00. The price also broke out of the contracting triangle resistance at $14.78. This paved the way for further upside corrections clearing the resistance at $16.00. Moreover, NEO/USD traded above $16.50 before the trend reversed in subtle lower corrections.
NEO piece is currently trading between the moving average support and resistance with the 100 SMA limiting gains at $17.23 and the 50 SMA providing immediate support at $15.93. The 61.8% Fib level is also positioned to limit declines at $17.00.
If the 50-day moving average on the hourly chart gives in, there are a few other support areas highlighted at $15.50 $15.00 (23.6% Fib) and $14.00 (primary support).
Dash (DASH) Price Analysis
Dash is among the biggest gainers in the market today, however, it is still locked within the descending channel. The tables show a 9.8% rise in value on the day while the trend remains bullish above the primary support at $130.
The weekend trading support at the 50% Fibonacci level taken between the highs of $190 and the lows of $131.56 was broken during the fresh declines that began on Monday and continued to Tuesday. The drop heading to $130 found a stop at $132.51. Consequently, the bulls regrouped and a pullback ensued above $140. DASH/USD even traded above $150 but the resistance at the 38.2% fib retracement level close to $153.91 prevented further upside movement. The 100 SMA is currently limiting gains at $156 while the trendline resistance is also in the way of higher movements close to the same level.
The technical outlook at the time of writing using technical indicators shows that the bulls still possess buying power, but the sellers continue to seek entry opportunities. The 50 SMA is offering immediate support at $145.39 but $140 and the primary support at $130 will come in handy.
IOTA (MIOTA) Price Analysis
IOTA, on the other hand, is up more than 8% on the day at the time of writing. After the decline below $0.55 over the last weekend, upside movement were capped below this level until Monday 13 when the trend broke down even further below the former support at $0.50. Declines were unstoppable on Tuesday morning session. MIOTA/USD while heading to $0.40, formed a low at $0.4095.
IOTA formed a contracting triangle, but the trend began turning bullish in the evening trading session. It broke from the confines of the contracting triangle as well as the 23.6% Fib level resistance at $0.423. The move opened the door as more buyers entered pushing the price in a pullback past the 61.8% Fib level.
The 100-day hourly moving average at $0.495 prevented more bullish retracements below the critical resistance at $0.50. IOTA is currently seeking support above $0.450, but the 50 SMA is offering short-term support at $0.457. The path of least resistance for IOTA is currently to the downside, similarly, the stochastic oscillator is heading downwards. If the support at $0.450 fails, MIOTA/USD has other support areas lined up at $0.440, $0.420 as well as $0.40.