This week’s Indodax market signal features Ravencoin and EOS on a list of crypto assets that are indicated to be bullish! What about assets that are indicated to be bearish? Read more below!

5 Bullish Crypto Assets

• Ravencoin (RVN)

Strengthening was detected after it failed to break the support level at 405, followed by Ravencoin’s ability to stay above the EMA/200 level at 500. The strengthening will continue if the price is able to break out and stay above the 970 level. If the candle stays above that level, it will strengthen further to break the price range of 1.160 – 1.200.

The RSI indicator indicates that the price is already in the overbought area, RVN has touched the highest level since April 2022. A weakening is possible where it will test the support level at 700 – 705.

• EOS (EOS)    

After successfully breaking past and staying above the WMA/75 and WMA/85 the price weakened and broke the EMA/200 line, but the price could not break through the 20,000 and 20,500 range  so it rebounded and continued the positive trend.

It had touched the 27.990 level, but the price was unable to strengthen further and weakened instead after the RSI indicator signaled  that the trend was in the overbought area. The support level is in the range of 25,150, if the price weakens it will test the next support level at 22,000 – 22,725.

• Firo (FIRO)

The 4-hour time frame showed indications that Firo was in a bullish area on 08 September 2022. It started when Firo stayed above the support level of 30,000, followed by a candle that was formed and broke the resistance level at 35,790. The price will fluctuate, this is indicated by the Bollinger Bands Indicator whose two lines are moving away from each other. The MACD indicator illustrates that the trend is in a negative direction, if a weakening occurs it will lead to the 41,000 level.

• Achain (ACT) 

It broke out the resistance level at 30, so the price strengthened following the direction of the current Bullish trend. The Bullish trend will continue if the price is able to stay above the 35 level to test the next resistance level at 40. The MACD indicator shows that the trend is in the negative zone. ACT will not stay on the Uptrend Channel if the candle is corrected below 30 or EMA/200.

• Litecoin (LTC) 

It successfully penetrated the EMA/200, but was unable to break out of the resistance level in the price range of 925,000 – 940,000. The candle then weakened and penetrated the EMA/200, the price pulled back from 798,000 to penetrate WMA/75, WMA/85 to 869,000. Strengthening will test the 960,000 level. If this resistance level is broken, then the bullish phase will be further confirmed .

5 Bearish Crypto Assets

• Honest (HNST) 

Bearish phase has occurred since August 22, 2022, this was confirmed when WMA/75, WMA/85, and EMA/5 broke below the EMA/200 followed by the break of several support levels at 150 and 145.

The resistance level is around 135 for the next level is at 140. If Honest can stay above the EMA/200, it will open the opportunity for strengthening.

• Aave (AAVE) 

After entering the Bearish phase since October 23, 2021, the price has weakened quite deeply, reaching 65% from the level of 2,055,000 to the level of 166,0000. The trend will improve if it is able to stay above the WMA/75 and WMA/85 lines.

The bearish trend will be broken if AAVE is able to break through 1,680,000 – 1,840,000 this must be supported by the dominating buying pressure.

• BORA (BORA) 

The candle could not stay above the support level of 5,100, which made BORA end the Bullish trend and switch to a new phase, namely Bearish. When looking at a chart with a 4-hour time frame, the shape of the candle formed an axis at its end and which was a signal to be more cautious in setting prices.

The MACD indicator shows that both lines are narrowing, this indicates that the price is moving at a limited range of 3,900 – 4,400.

• Tokoin (TOKO) 

The Tokoin candle on the 4-hour chart showed that there was a bearish sideways phase in the 45-50 price range, this is in line with the forecasts shown by the MACD and Bollinger Bands indicators, the movement will be confirmed when one of the lines is broken.

The bullish trend will be confirmed to reverse direction, if the SHOP is able to break out and form a candle above the price of 60.

• FTX Token (FTT) ??

The MACD indicator shows a positive direction, but the trend is still stuck at WMA/75 and WMA/85. If the line is broken then it will stop the downtrend channel. The closest support level is at 380,000, the next level is at 317,000 – 338,000. On the contrary, resistance level is at 440,000 and then 475,000.

NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish), each table above shows that if the 5 EMA value is higher than the 75.85 WMA and 200 EMA, the market tends to go up (bullish).

If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend. Overbought or oversold conditions are an indicator that the market is already at the point of changing direction of a trend.

 

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