The bullish trend at the beginning of the week has run out of steam. Most of the top 20 cryptocurrencies are in the red on Wednesday. Monero (XMR) is languishing in selling pressure after ignoring the news of the network’s software upgrade scheduled for tomorrow, October 18, 2018. Bitcoin (BTC), on the other hand, is stuck in tight range below $6,500 while support strongly above $6,400. Ethereum is trading below the support at $210 while Ripple has managed to keep the short-term support at $0.47. The declines are reflected across the board but first let us look into the analysis of Nano Coin (NANO), Lisk (LSK) and Odyssey (OCN).
Nano Coin (NANO) Price Analysis
Contrary to the above market update, Nano Coin is not only trading in the green, it is up a whopping 13.53% in the last 24 hours. The crypto is defying the consolidation pressure in the market to record considerable gains. In the wake of the declines it suffered last week, the crypto started to rise from the ashes on Monday this week. The uptrend continued in the past couple of days with Nano making it above the trendline resistance around $1.9.
The break triggered additional bullish movement that reclaimed the levels immediately above $2.0. The continuing bullish trend has stepped above $2.1 but appears to be coming to halt short of $2.2. Besides, a double top pattern formation has been spotted at $2.19 and reaction to this pattern could culminate in a lower movement canceling the gains. However, the 4-hour 100 simple moving average will provide support at $2.07 while primary support rests at $1.75.
The chart outlook shows that the bears are ready to bite back at the bulls. Nano Coin is likely to trim that gains in the short-term. Therefore, it is vital that buyers establish a higher support to avoid cancelling recent gains.
Lisk (LSK) Price Analysis
Likewise, Lisk is trading in the green on the day avoiding the consolidation solace in the market. LSK/USD has corrected higher 5% on the day against the US dollar (USD) while it is up 6.39% against the legacy digital asset Bitcoin (BTC). The crypto’s market cap is up slightly from $327 million on Tuesday to $335 at the time of writing. The trading volume, on the other hand, has declines slight in the same period from $10 million to the current $9.7 million.
Meanwhile, Lisk price recovered slightly from the pits it fell into last week. The market retraced lower as cryptos turned red, including Lisk. There was a break below the 23.6% Fib level where Lisk traded lows slightly below $2.8. However, the price did not wallow down for long as the buyers found entry to push for a correction earlier this week (Monday to be precise). There was another break above the trendline resistance which also coincides with the 23.6% Fib retracement level.
Lisk zoomed past $3.0 but staled short of $3.1. At the time of press, LSK/USD is trading at $2.96 after a slight drop from the intraday high. On the upside, the 100 SMA is limiting gains but the key resistance is at $3.1. On the flipside, a short-term support is seen at $2.9, similarly, $2.8 will prevent extended declines.
Odyssey (OCN) Price Analysis
Like the above two coins, Odyssey has exploded in fireworks on Wednesday amid the widespread crypto consolidation. It appears that cryptos with smaller capitalizations are defying the calm in the market to record incredible gains on the day. Odyssey (OCN) is up 22.55% against the USD while its up 24.23% and 24.63% against BTC and ETH respectively.
The price embarked on a bullish move yesterday after breaking above the 100 SMA resistance. The break added gasoline to the lit fire as the bulls increase their grip on the market. The price is currently exchanging above $0.0126. Moreover, the bulls have the influence and they intend to revenge against the bears for the crippling declines last week. OCN/USD will find a support at $0.012 while the bullish trendline is in line to offer support just in case. Extended declines to find support at the 50 SMA and the lower support range at $0.009.