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EOS, NEM, Compound Price Analysis: 14 November

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Bitcoin induced euphoria in the market’s traders after recently registering a yearly-high of $16,400. Further down the crypto-ladder, EOS seemed to have exhausted its recent bullish outlook while NEM’s chart exhibited a bearish divergence and was likely to see a pullback. Finally, Compound recorded gains recently, but it was yet to show any sign of a reversal to its long-term downtrend.


EOS, NEM, Compound Price Analysis: 14 November

Source: EOS/USDT on TradingView

On the longer timeframe, EOS has been on a downtrend. Since posting a high of $3.9 in mid-August, EOS has been setting a series of lower highs.

The Fibonacci Retracement tool was used for EOS’s move down from $2.75 to $2.22 almost two weeks ago. Important levels of retracement upwards for the coin were then highlighted.

At the time of writing, it appeared that EOS was rejected at $2.64, the 78.6% retracement level, before heading lower to $2.55. If the said level is breached, $2.49 will be another important level of support.

The MACD showed strong bullish momentum due to a strong surge of nearly 8%, but the retracement move may be at an end after rejection at the 78.6% level, with resistance at $2.59 also present.


EOS, NEM, Compound Price Analysis: 14 November

Source: XEM/USD on TradingView

The past few weeks saw XEM shed value at a steady pace to find its support at $0.095. In early-November, the crypto-asset had surged on the charts alongside many of the market’s other altcoins.

However, in recent days, the price formed a series of higher highs while the RSI made lower highs. This bearish divergence between price and momentum showed that a drop was imminent for XEM.

A pullback to the support at $0.123 was possible, with $0.13 also a region of demand. These levels indicate a buying opportunity for traders. A rise to $0.14 followed by a drop was likely for XEM.

Compound [COMP]

EOS, NEM, Compound Price Analysis: 14 November

Source: COMP/USDT on TradingView

A few days ago, Compound bottomed at $81, following which, COMP has noted gains since. A move above the resistance at $125 would signal the possible reversal of a downtrend.

In the short-term, the crypto-asset has seen more buying than selling, with the same registering a series of higher lows.

At the time of writing, COMP possessed strong bullish momentum, as shown by the Awesome Oscillator. It could see a pullback to $108 before another rise.


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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