There are spots of green in the market on Tuesday although the majority of the assets are still in the red. Bitcoin is still correcting lower by 3.24% with the current value standing at $3,489. The path of least resistance is still to the downside. XRP (Ripple)is slightly in the red, although it has managed to stay above $0.30 after it was rejected at $0.32. Ethereum (ETH) was also rejected at $100 during an attempt to correct higher over the weekend. It is currently holding ground marginally above $90.00. The same declines have been witnessed across the market especially for the assets in the top 20.
As mentioned above, the assets in the top 20 are recording declines with the path of resistance being to the south. Monero is also making lower corrections while it is seen trading at $44.58. In the last 24 hours, the asset has lost more than 6% of its value.The hourly timeframe chart shows that Monero has found a balance following the declines that have prevailed since November. The base support now rests at$43.26.
Monero is also stuck in a range with resistance at $49.99. The range support is at the same level with the base support. XMR/USD is trading below the moving averages on the chart,which means that the bear pressure is still present. The initial resistance is at the 21-day simple moving average currently at $45.38 and the next hurdle at the 50- day simple moving average, which coincides with the 23.6% Fib retracement level. The range limit at $49.99 is also the supply zone and is a key breakout point.
The 13th largest crypto project is trading slightly in the green, although the bullish momentum is a weak one. In the last 24 hours IOTA has added 2% to its value. It is trading at 0.23 at the time of writing, besides there is an upside correction testing the 21 SMA in the 1-hour range. More resistance will been countered at the 50 SMA although the key resistance level is observed at the 61.8% Fib retracement level with the last upswing of $0.2658 and a downswing of$0.2078.
As long as IOTA can maintain its position above the bullish trendline, we can expect continued upside correction heading towards $0.30 (supply zone). On the flipside, a short-term support is available at $0.23. The recent lows at the swing downswing will work as the major support in the event there is a trend reversal.
Dogecoin continues to decline below a descending trendline. The asset has corrected lower at least 1%in the last 24 hours, although it appears to have found a support at $0.0020.DOGE/USD is changing hands at $0.00211 at press time. There is a bullish correction that is ongoing at the moment but it faces resistance at both the 21 and the 50 moving averages in the 1-hour range.
Dogecoin buyers are enjoying a breather with the stochastic pointing to the north and the price almost making it above the moving averages. If it makes it above $0.0022, we could see extended bullish correction which would step above $0.0023 in readiness the next resistance targets at $0.25 and $0.0027.