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Altcoin Analysis for 29-09-2017: NEO, DASH, IOTA, XMR and NEM


General Notes
 Clear stochastic buy signals maintained in most Alt-coins except DASHUSD.
 Key daily chart resistance trend lines tested and broken above except in DASHUSD.
 Bulls in charge especially in IOTUSD where there was break out above resistance.
 Alt-coins price action turned lower yesterday except in IOTUSD.

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NEOUSD TECHNICAL ANALYSIS

Obvious price rejection witnessed at resistance line around $35. So far, price action is bound within yesterday’s Hi-Lo and despite stochastics turning lower, a push higher is on the cards if volumes are used as clarifiers. As noted, over the last 2 trading days, buyers volume were above the 1M mark and daily averages of 950K. The 20 period MA is still a respectable resistance line and a turn higher will only assert yesterday’s recommendation especially if today’s candlestick closes as a bull. Refer Figure 1: NEOUSD-Daily Chart-29.09.2017 (above)

DASHUSD TECHNICAL ANALYSIS

One thing to note-and which shall be significant when drawing conclusions when a convincing break-out happens; is the buyer-seller participation levels. Other than the consolidation which is gravitating lower in average and whipsaws, volumes have been dismissive in the last 10 trading days. For example, as yesterday’s candle closed, volumes were a mere 35K as compared to a weighted daily average of 65K. 27.09.017 candle broke above the resistance trend line with 51K compared to 62K weighted average but failed to close above it. Therefore, as we wait for today’s candle to probably close above or below current support or resistance levels, we shall also consider volumes vis-a-vis daily average to gauge the strength of the breakout. We remain neutral on this pair.

IOTUSD TECHNICAL ANALYSIS

Figure 3: IOTUSD-Daily Chart-29.09.2017

This is a no-brainer, bulls are in charge. Swing high is not only supported by increasing volumes, which by the way is fueling bull momentum but also that clear break and close above the 50 period MA which had proven prohibitive for buyers in the last couple of days. For BB traders, you will note that diverging lower and upper BB after the past two days bullish soldiers. Such band characteristics hint at potential volatility in the coming trading days. So, traders should aim at $0.63 and then $0.79.

MONERO-XMRUSD TECHNICAL ANALYSIS

If anything, 27.09.2017 close and break above resistance trend line was overriding. While at it, there was a sustained stochastic buy signal accompanied by increasing volumes-35K to 47K recorded yesterday. So, in light of this, bulls are still in charge. Furthermore, yesterday’s price tested $95 which is the 20 period MA but was quickly rejected. Additionally, as yesterday’s candlestick closed, those long lower wick pointed to more buy pressure despite a general bearish price action. Long traders should maintain their targets at $107 and $120.

NEMUSD TECHNICAL ANALYSIS

Figure 5: NEMUSD-Daily Chart-29.09.2017

Just like all other alt-coins, this pair slowed as yesterday’s candle closed. In this pair, we can easily note that volumes have been spiraling lower drawing doubts to 27.09.2017 break above resistance trend line. Stochastics are bullish, $0.25-$0.28 is still our short-term target and so far price didn’t correct and close below the 50 period MA at $0.22. As long as resistance turned support levels are maintained and volumes increase above 970K over the weekend, I will remain a bull.

Contributed by Dalmas Ngetich, an expert with 3 years in Forex, Commodity and Cryptocurrency trading. All charts, courtesy of Trading View

 

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