Altcoins are recovering, but they are also experiencing short-term downward breakouts. For instance, altcoins like Monero, ICON, and Ontology have recorded an uptrend post the ‘Black Thursday’, but a short-term bearish run seems to be in store for these alts.
Monero
Source: XMR/USD, TradingView
Monero, the 12th coin on CoinMarketCap, has been trending upwards after the big fall by 51%. The coin has breached major resistances and has maintained support at $43.95 for over two weeks now. However, there’s a possibility of a downward breakout signaled by CMF indicator which rests below the zero line. Additionally, Bollinger Bands indicate a less volatile period in the coming days.
Resistance: $57.26, $70.15
Support: $43.95, $37.80, $33.90, $29.11
At press time:
Price: $53.81
Market Cap: $932,780,687
24-hour Trading Volume: $153,159,284
ICON
Source: ICON/USD, TradingView
Similarly, ICON has been trending downwards since the start of February; the coin saw another drop by 46% on March 12. However, the coin recorded a slight uptrend starting March 17. It has found support at $0.2 at the moment. Stoch RSI has started to move downwards and the ‘signal line -Stock RSI indicator crossover’ hints at a possible downward breakout.
Resistance: $0.30, $0.42, $0.51
Support: $0.21, $0.15
At price time:
Price: $0.23
Market Cap: $126,251,755
24-hour Trading Volume: $17,954,889
Ontology
Source: Ontology/USD, TradingView
Ontology has been trending downwards since March 7; the price dropped by 28% in two days. Post the ‘Black Thursday’, the price fell further down by 60% in a day’s time. The price recorded an uptrend on March 16 by 56% and has been maintaining support at $0.33. MACD indicator hints at a short-term bearish run.
Resistance: $0.40, $0.43
Support: $0.33, $0.29, $0.27
At press time:
Price: $0.3
Market Cap: $250,718,458
24-hour Trading Volume: $85,207,427