The market has engaged forward gears today after the slight correction yesterday. The weekend trading was a relief to the bulls as the digital assets extended the gains. The largest crypto in the market, Bitcoin (BTC), for instance, recovered from the trip it had taken towards $6,800 and retraced above $7,000. Bitcoin broke above $7,300 and is currently heading towards $7,400. Ethereum (ETC) is locked below $300 critical level but is currently trading above $290. Ripple (XRP) corrected lower on testing $0.3550 but the support at $0.330 held ground. The majority of the assets have made considerably bullish corrections on the day as well.
NEM (XEM) Price Analysis
NEM has broken out of the descending trendline and is currently trading at $0.126 after surging 13.81% in the last 24 hours. Just like the rest of the virtual currencies in the market, it has been walloped by selling pressure since the spike that occurred between the months of April and May. XEM/USD exchanged above $0.40 and tested the long-term resistance at $0.45 before embarking on a journey of breaking barriers towards the south.
NEM declined tremendously breaking the crucial support at $0.10. The crypto formed lows of $0.093 (August 18) giving the bulls an entry position and a chance to redeem themselves. The recovery was limited at $0.1138 but a break above the resistance at the 38.2% Fib level with the last swing high of $0.1457 and a swing low of $0.0937 triggered a surge above $0.120. At present, NEM is testing the immediate resistance at $0.130 but the buyers have their eyes locked on $0.140 (initial supply zone) and $0.160 (2nd supply zone). The price is also trading above the 4-hour 50 SMA which will offer support in the event the trend reverses.
Komodo (KMD) Price Analysis
Komodo has surged over 20% on a daily basis and the trend is still strongly bullish above $1.50. The declines that swept across the entire market last month did not spare the asset where the price plummeted from $1.4 at the beginning of August to $0.935 (August 18). Attempts to recover above $1.20 remained unsuccessful but a break above the 23.6% Fib level of the last upward swing at $1.87 and a downward swing of $0.9350 in the last week of August marked the beginning of the current spike.
Komodo buyers also broke above the trendline resistance triggering further upside movement. There was a significant struggle at $1.30 but the bulls remained unstoppable. The price is hammering on the short-term resistance at $1.60 and break above this level could test the upper supply zones, the swing high and eventually step above $2.0. On the downside, there is a short-term support at $1.3 – $1.4. Consequently, the 50 SMA (4-hour) will hold declines at $1.340. Other support areas include $1.1 and $0.9 (August 18).
Populous (PPT) Price Analysis
Populous, like the above coins, has performed considerably well in today’s trading. There was a dip to $4.27 yesterday followed by a pullback above $4.35. Further upside movement in an ascending channel remained unstoppable towards $5.00. However, the bulls hit a snag at $4.75 giving the sellers entry.
Subtle corrections from the intraday highs have been anchored by the lower trendline on the 15-minutes charts. PPT/USD is trading above the 50 simple moving average with another support at $4.550. The price is still trading in the green, however, the momentum to the upside has slowed down.
Technical indicators like the RSI and the stochastic are ranging at 53.9% and 29.12% respectively to signaling that the bulls are still in control. Populous is likely to move horizontally while facing significant resistance at $4.65 and the upper supply zone at $4.75. $5.0 is within reach but it will need another catalyst to correct towards it.