Monero showed bullish sentiment in the market over the past few weeks but also exhibited a bearish divergence that could see the price dip slightly. Cardano lacked buying volume in the market as it stayed afloat above the $0.15 level of support. Basic Attention Token retraced some of its losses but was unable to test resistance and could be headed downward once more.
Monero [XMR]
Source: XMR/USDT on TradingView
Monero’s display of strength a few days ago to hold steady above the $127 support even as the rest of the altcoin market posted significant losses presaged a quick recovery for XMR.
And so it proved, as XMR rose past a significant level at $148, a level Monero last traded at in July 2018.
After its ascent past $148, there was a bearish divergence seen between the price and the RSI. This could see a pullback to the $148 support, with a possible dip as low as $145 before another move upward.
Cardano [ADA]
Source: ADA/USDT on TradingView
The price was consistently unable to break above the $0.17 in late November. This was followed by a gradual descent to $0.15 in December, and even though the price has dipped beneath support and recovered, the OBV painted a different picture.
The buying volume has been steadily outweighed by the selling volume for ADA in the past three weeks. Even though the Awesome Oscillator showed bullish momentum for ADA, it remains to be seen just how long the $0.15 support can hold.
Unless buyers step in with intent, ADA was likely to slip beneath support once more.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
For BAT’s drop from $0.262 to $0.198, the Fibonacci Retracement tool was used and some important levels of retracement were highlighted.
The MACD formed a bullish crossover a few days back and recently crossed above the zero line as well.
Yet, the price appeared to slow down as it neared the 38.2% level at $0.221. That level also has, in close proximity, the $0.224 level of horizontal resistance. Breaching this region could be a tough ask of the bulls.
Hence, with neither momentum nor volume really on their side, the bulls will likely be forced to cede ground once more, and BAT could see a drop to the $0.2 level of support.
