Tezos, Ontology, Maker Price Analysis: 24 October
Tezos was trading within a tight price range as the market’s bulls valiantly defended a critical region of support. Ontology’s movement exhibited the potential to break out upwards while Maker was on an uptrend.
Highlighted on the attached chart is the demand zone. The cryptocurrency’s price dipped briefly beneath it in late-September. but the zone has held well since.
At press time, the RSI highlighted bullish momentum while the Stochastic RSI was pulling back from overbought conditions.
The level of resistance at $2.24 has been stiff over the past few weeks and it is likely to remain so. Since the price has lacked an overall trend over the past couple of weeks, it could be prudent to wait for XTZ to move to the demand zone, before placing any buy orders.
In other news, Exaion, a subsidiary of a French multinational electric utility company, was reported to have joined the Tezos ecosystem as a corporate baker.
ONT formed a bullish divergence (white) on the charts recently when the price formed a lower low while the momentum indicator (MACD) formed a higher low. Subsequently, ONT surged from $0.51 to near $0.57.
The price also appeared to be forming a descending broadening wedge (pink). While the region of resistance at $0.54 was breached in the most recent trading session, ONT had not closed above the same and a rejection hereabouts was still possible.
A breakout above the price and accompanied by good trading volume would confirm a move to $0.6.
Finally, the MACD gave a sell signal but could move above zero over the next few trading sessions.
MKR hit a low near $430 and bounced back to reclaim $500. Over the past two weeks, the price appeared to have lost $573 as a support level, but the bulls were swift to reclaim it.
The moving averages and Awesome Oscillator highlighted the recent bullish momentum of the crypto-asset. MKR has also been trending upwards since $430 and could see a rise past $600 in the coming days.
It is possible that MKR might retest the $573-level as support, before approaching the next level of resistance at $623.