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Weekly Cryptocurrency Price Forecast: Waiting for Bulls to Overtake Bears

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Oct 20, 2019 at 12:49 //

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Weekly price analysis

The coins under review are still in bear control but are currently reaching bearish exhaustion. The  BNB, EOS, Monero, TRON, and Cardano fell short of buyers at the demand zones of the chart. However, if the bulls are more than the bears, the coins will appreciate. TRON is promising as it makes a positive move in the uptrend zone.

BNB/USD Major Trend: Bearish 

BNB is creating cheering moves towards the supply zones in the last week. What every analyst is expecting is whether the downtrend line will be breached or not. BNB will begin to rise, the moment the price breaches the resistance level and the trend is continued. The price will depreciate further if the downtrend line remains unbroken. In other words, the price will descend to a low of $14 or $12 support level. 

BNB-CoinIdol.png

EOS/USD Major Trend: Bearish

EOS may face further depreciation having been repelled by the downtrend line. There are indications that the market may drop to a low of $2.0 in the next couple of days. Nevertheless, the selling pressure may persist if the lower trend line is broken. From the Fibonacci tool, a bullish candlestick tested the 0.786 retracement level during a price correction. 

This signifies that EOS may fall to a low of 1.272 extension level. In other words, EOS will go down to a low at the $2.0 price level. The daily stochastic signifies that the price is below the 40% range. This means that the price is in a bearish momentum.

EOS-CoinIdol.png

 XMR/USD Major Trend: Bearish

Monero has been fluctuating over the $50 price level since the beginning of October. It has failed to maintain the downtrend pattern price movement. Each time the price rises to the upper price level, the coin is being resisted by the EMAs. 

The pair is fluctuating above the $50 price level in October. The coin is likely to depreciate if it falls below the $50 price level. Nonetheless, the consolidation will persist if the price level is defended by the bulls.

XMR-CoinIdol.png

TRX/USD Major Trend: Ranging

In October, the downtrend line was breached and the price continued to rise. With a positive shift, the coin should have continued with its bullish trend. Meanwhile, TRON is facing a hurdle at the $0.018 price level. Currently, the coin is fluctuating above the $0.015 price level. The pair has maintained its current price level for the past seven days. A breakdown below the support level will point the coin to the downtrend zone of $0.012 price level.

TRON-coinIdol.png

ADA/USD Major Trend: Ranging

Cardano is trading below the moving averages in October. The price has not been able to break above the EMAs for the past three weeks. The price will commence resumption of an uptrend if the bulls break above the EMAs. 

Meanwhile, the Fibonacci tool signals that the price will reverse at the 1.272 extensions. Presently, the coin is in a range bound movement above the 1.272 Fibonacci extension level. Cardano is likely to experience a breakout in the next few days to come.

ADA-CoinIdol.png

Disclaimer. This analysis and forecast are the personal opinions of the author, are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.



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