Bitcoin (BTC), for example, is battling to maintain the levels above $6,500, although it is has traded intraday highs of $6,590. Ripple (XRP) is a sitting duck around $0.56 while recording 1.67% declines on the day. Bitcoin Cash (BCH) is among the few coins that are making bullish movements. BCH/USD is up 2% on Tuesday. The rest of the crypto market is mixed red and green.
Dogecoin has continued to maintain high levels since the beginning of September. In spite of the lower retracement that broke below the support at $0.0060, DOGE/USD has consolidated above $0.52 while avoiding huge swing low movements. Currently, Dogecoin price is trading within a contracting triangle pattern on the 1-hour chart pending a breakout.
However, the immediate resistance is encountered at $0.0060 (broken support). The trend is favoring the bulls at the time of writing, but DOGE/USD must escape the triangle resistance in order to witness higher recoil towards $0.0062 and the swing high at $0.00665. On the other hand, the triangle support, as well as the 38.2% Fib level, must be guarded to ensure that the price does not correct below them. Otherwise, Dogecoin could break down and test the previous support at $0.0052.
Looking at the chart, Dogecoin is primed for gains that are likely to zoom past the resistance at $0.0060. The MACD and the stochastic are sending subtle bearish signals, which means that the bears are looking an entry.
Ethereum has embarked on a bullish journey in an ascending channel as observed on the hourly timeframe chart. The uptrend was staged after the declines at the beginning of last week rejected several support areas to test the primary support at $205. The buyers have been keen on shaking off the bear pressure with their eyes locked on $250.
Over the past few days, ETH/USD has traded higher highs and higher lows. However, it has not been able to break the key resistance at $240. Recently, in a bid to correct higher, Ethereum price formed a high at $299.2 before embarking a gains trimming exercise. The price which is currently trading at $229 has been supported strongly at the 50% Fib retracement level with the last swing high of $239.23 and a swing low of $213.31.
The 50SMA is offering short-term support at the 61.8% Fib level. If ETH/USD can keep the price above the trendline, there is a higher chance that Ethereum will go back to trading above $230 and even break the resistance highlighted at $232. Further up, $240 is the critical barrier towards $250. Technical signals are currently mixed bearish and bullish. For instance, the stochastic is retreating further from the overbought region but the MACD is ranging at the mean level (0.0).
IOST Token (IOST)
IOST price is trading in the green with a 6% surge in the last 24 hours. However, there is an ongoing bearish correction due to the formed double top pattern on the hourly IOST/USD chart. The previous surge on September 21 was unable to break the hurdle at $0.0145 (1st top). This led to extended declines below the support at $0.0125. Fortunately, the buyers found bearing around $0.012 and in turn revamped the uptrend.
IOST Token kicked off October with higher corrections, where it stepped above $0.014 completed the double top pattern on failure to break past $0.0145 again. At present, the price has slashed a section of the intraday gains and is exchanging at $0.01353. A weak support has been established at $0.01350. The applied technical indicators are sending bearish signals with the Stochastic retreating to the south. Similarly, the MACD has changed direction downwards, although it is still in the positive zone. Other support levels include $0.0125, $0.012 and $0.011.