Polkadot, Ontology, EOS Price Analysis: 16 September
Bitcoin could be a sound long term investment according to these metrics. Yet in the short-term, it still remains a volatile asset. Trading at $10,900 at press time, Bitcoin’s surge left many altcoins struggling against bearish pressure. Polkadot formed a bullish pattern and had room to rise, but could fall short of the target. Ontology showed further signs of bullishness as it looked to reclaim a level of resistance. EOS lacked momentum but looked likely to drop toward support.
DOT formed an ascending triangle and broke out to the top, and technically still has room to rise as the pattern projected a target of $5.8.
Resistance also lies at $5.85. It would be interesting to see if DOT is able to reclaim that level of resistance. DMI showed that a strong bullish trend was still in play, as ADX (yellow) stayed above 20. However, +DMI (blue) was snaking lower, and it is possible DOT could slump to test $4.8 support.
The 20 SMA (white) had crossed above 50 SMA (yellow) a few days ago. In recent trading sessions, the 50 SMA crossed the 100 SMA (pink) as well. This indicated that the trend has changed from bearish to bullish in the short and medium-term.
Parabolic SAR agreed with the bullish outlook and gave a buy signal at the time of writing. ONT found resistance at $0.85 level and it remains to be seen if ONT is successful in flipping the level to support.
EOS did not show heightened volatility yet, despite slowly dropping lower in recent days. RSI dropped as low as 30, the verge of oversold conditions, before picking up. It was still in bearish territory, showing a value of 37 at the time of writing.
RSI would have to move past the neutral 50 region while price also reclaimed resistance at $2.72 for EOS to have some semblance of bullishness.
In the coming trading sessions, it is likely that EOS tests support at $2.59 and possibly even break lower.