The cryptocurrency market has ground to a sad halt. Major cryptocurrencies are almost motionless. There are no significant movements in either direction. Bitcoin (BTC), for instance is stuck in a range that is working both as s key resistance to the upside ($6,600) and a strong support to the downside ($6,500). Ethereum (ETH) is hanging on a thread while threatening the short-term support at $205. Ripple (XRP) has begun exploring the levels to the south with a drop of 1% on Thursday 18. Contrary to the bear trend, NEO is showing a 3.42% growth on the day while Monero (XMR) is up by a subtle 0.17%. The market is generally painted red except for selected assets which are trading in the green.
OmiseGo (OMG) Price Analysis
This coin is among the few assets that are correcting higher on the day. OmiseGo (OMG) is recording a 5% rise in the last 24 hours according to the data on Blockmodo. The bulls have been in control since the beginning of this week. The surge on Monday used the support at $3.0 and retraced higher in a couple of bullish engulfing candles. It stepped above the resistance at the 61.8% Fib level between the highs of $3.6 and the lows of $2.98. However, the bullish trend was short-lived marginally above this level.
OmiseGo bears found an entry and a pullback occurred. The price settled in a bullish flag pattern with the support at the 23.6% Fib level. Significantly, the bull flag pattern consolidation ended in a breakout that cleared the resistance at the 61.8% Fibo, although the bulls failed to sustain the trend past $3.5. At the time of writing, OMG/USD is trading at $3.37 after bouncing off the short-term support at $3.3 (close to the 50SMA). Other support areas include the 100SMA currently at $3.27, $3.2 and the major support at $3.0 (close to the swing low).
The chart outlook shows that the bulls still have the control. Besides, the past of least hurdles is to the upside. The stochastic is heading toward the 50 mark, sending strong bullish signals. A break above the next resistance target at $3.5 will see OMG/USD retrace higher towards $4.0.
NEO Price Analysis
As mentioned in the market update section, NEO is defying the sideways trend in the market with a bullish move on the day. In fact, it is the only crypto among the top 20 digital assets showing a sustained bullish trend as the week’s trading nears the end. NEO/USD is up 3.42% on a daily basis.
The sharp drop mid-last week saw NEO butcher the support at $16.00 before grinding to a halt at $15.50. The bulls nursed the wounds before the breakout on Monday that broke above the resistance at $16.50 but sadly came to halt short of $18.00. The ongoing bullish trend is supported at $16.50 (former resistance). There has been a break above the descending trendline triggering a move that has corrected above $18.00. However, NEO has retreated to trade at $17.76. Moreover, the stochastic indicator is heading downwards showing that the bears are battling for entry.
Tron (TRX) Price Analysis
Tron, on the other hand, is struggling to sustain a slightly bullish trend that has been triggered by the Tron Foundation Baidu partnership confirmation. The network hinted the partnership last week but did not provide details and identity of the company. TRX is up 3.67% in the last 24 hours.
Since the correction from last week’s declines Tron has been trading within a bullish channel. Besides there was a break above this channel on Monday with TRX/USD clocking above $0.027. However, the trend retreated into the channel. The trendline support has been very instrumental in preventing dips below the short-term support highlighted by the 50% Fib level.
The upside has lost steam below $0.026, similarly Tron is trading at $0.0254. Trendline support is very important and must be defended to prevent declines in the short-term. This will allow the price to gain momentum towards $0.027. Investors are looking forward $0.03 in the medium-term but first, Tron buyers must keep the price in the bullish channel.