Connect with us

Analysis

NANO, Monero, IOTA Price: Altcoins struggling to recover ‘Black Thursday’ losses

Rakshitha Narasimhan

Published

on

Monero is on to a breaish run, while IOTA and NANO aim higher
Source: Unsplash

Privacy coin Monero and other altcoins like IOTA and NANO are among those to have suffered as a result of the market’s wild volatility. While the fortunes of all these altcoins have varied, they’ve all faced the brunt of the king coin’s price fluctuations.

This has turned out to be the bane of tokens such as Nano, once predicted by experts to grow by over 500% by the start of 2020

Monero

Source: XMR/USD, TradingView

Though many new privacy coins have entered the market, Monero continues to take the lead. In fact, Riccardo Spagni, former lead maintainer of Monero, stated recently that just like Bitcoin, Monero might be benefiting from maturity and name recognition.

However, post ‘Black Thursday,’ the coin’s price dropped by 26%, reaching $54.39 from $27.78. The price has maintained a stable range after 13 March, however. Monero was trading at $46.92, at the time of writing, with a market cap of $817,420,512 and a 24-hour trading volume of $137,084,986.

XMRUSD, with its highs and lows, created a rising wedge pattern on its 1-hour chart. The trend lines drawn above and below the price chart pattern indicate a breakout in the downward direction, signaling a bearish trend. We can see two scenarios playing out here.

Scenario 1

Gong by the ‘falling wedge’ pattern rule, the breakout pattern direction plays downward 60% of the time. Looking at the price movement, the price was more likely to make a bull run, reaching the resistance at $51, before making a downward journey to reach the support at $42.47 or the second support at $38.89.

Scenario 2

Considering the 40% upward breakout chances, the price, which is on its way to reaching the resistance at $54.39, might breach that level and move higher, reaching the second resistance at $57.30.

The MACD indicator also further strengthened the argument made by scenario 1. The MACD indicator showed the signal line crossing over the MACD line, further confirming a bearish breakout.

IOTA

Source: IOTA/USD, TradingView

IOTA fell significantly when the cryptocurrency markets crashed  After maintaining relatively long-time support at $0.09, the coin saw a gradual increase in its price. IOTA was trading at $0.13 at the time of print, with a market cap of $384,835,154 and a 24-hour trading volume of $8,997,190.

The attached chart indicates the formation of a symmetrical triangle, according to which the breakout can be any direction. However, the breakout is mostly upward 60% of the time. Accordingly, the price might reach its resistance at $0.155. If not, the price might see a downward breakout, breaching the support at $0.13 and rise back up, or move further down towards the second support at $0.11.

The RSI indicator measures the oversold and overbought situations. The indicator, at the time of writing, rested at 43.24 – the neutral zone. Since the indicator was at 43.24, it indicated a potential bearish breakout.

NANO

Source: NANO/USD, TradingView

NANO also followed a similar pattern. The price fell from $0.68 to $0.34 [34% drop]. The price had been fluctuating in the same range for some days, however, the price saw a rise of 0.19% around 20 March. The coin was trading at $0.47, at press time, with a market cap of $63,515,502 and a 24-hour trading volume of $3,056,341.

The prices formed an ascending triangle pattern which indicated an upward breakout. Among the two scenarios here, the first one might see the price rise upwards and breach the resistance at $0.551.

The second scenario might see the price break downwards, reaching the support at $0.34.

The Awesome Oscillator further highlighted bearish momentum in the market as the indicator was below the zero line.

Did you like this article?

A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

Subscribe to our newsletter