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Friday

30 October 2020

Top 5 cryptocurrencies to watch this week: BTC, DOT, CRO, XEM, XTZ

Top 5 cryptocurrencies to watch this week: BTC, DOT, CRO, XEM, XTZ


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This shows that the bears are trying to stall the relief rally at the current levels but the bulls have not allowed the price to drop below $10,500.

However, the failure of the bulls to push the price above $10,824 is likely to attract profit booking and the bears will then try to sink the pair below $10,558.

This uncertainty will resolve after the price breaks above or below the triangle.

If the bears sink and sustain the DOT/USD pair below the support line of the triangle, it will suggest that the sellers have overpowered buyers.

The bulls will try to defend the $3.50 support but a break below it can pull down the price to $2.00.

The bears will now have to sink the price below the triangle to further solidify their position.

However, if the pair again rebounds sharply from the support line of the triangle, it will suggest that the bulls are aggressively buying on dips to this support.

Contrary to these assumptions, if the price does not make a sharp move from the triangle, it will suggest that neither party has been able to establish their dominance.

They will then try to push the price above the resistance line of the triangle.

If the bulls can push the price above $0.127, the XEM/USD pair can move up to $0.14 and then to $0.1690655.

This bullish view will be invalidated if the bears sink the price below the moving averages and may indicate that the current breakout is a bear trap.

The bears have not been able to sink and sustain the pair back inside the wedge, which shows that the bulls purchased the recent dip to the breakout level.

However, if the bulls can push the price above the downtrend line and the 20-day EMA ($2.37), it will suggest that the most recent breakdown was a bear trap.

If the bears can sink the price below $2.09, a drop to $1.9117 is likely and the downtrend could resume.

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cointelegraph.com
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