Crypto Price Analysis May 22: DASH, MIOTA, OMG, DOGE, VET


NordFX

The cryptocurrencies are in bull markets. The similarity in chart patterns is because the altcoins are recovering from the previous trend. Nonetheless, all the altcoins are facing strong resistance as the coins are compelled to sideways move. Perhaps, a breakout will propel the price to move upward move above the resistance levels.

DASH/USD Major Trend: Bullish

DASH is in a bull market after the downward move. In its previous bull market in January and February, DASH reached its peak price of $133. In the previous market the bulls could not sustain the uptrend as a bearish double top was formed.

DASH/USD - Daily Chart

DASH/USD – Daily Chart

The bearish double top pattern was a bearish signal responsible for the downward move. In the current bull market, buyers have taken price to the high of $88 in April. The price action also formed another bearish double top pattern. On April 30, the bulls were resisted as the market resumed a downward move. The crypto dropped to $80 low and made a correction to $84 high.

The selling pressure continues as the market fell to $68 low. DASH is making another correction upward as it reaches the high of $78. The bulls are finding penetration difficult at the $78 resistance level. The bulls made three unsuccessful attempts at the resistance. It is above 50 % range of the daily stochastic. The market is said to be in a bullish momentum.

IOTA/USD Major Trend: Bullish

The crypto is currently in a bull market. MIOTA (IOTA) has been making a steady rise from a low of $0.145. The upward move has been interrupted as the coin reaches a high of $0.215. The bulls were resisted as the crypto fell to $0.165 low.

IOTA/USD - Daily Chart

IOTA/USD – Daily Chart

Buyers were unrelenting as they retested the $0.215 resistance but were resisted again. At the moment, the crypto is trading below the overhead resistance as the bulls continue to retest the $0.215 resistance. The upward movement will resume if the bulls break the current resistance. Meanwhile, IOTA is at level 54 of the Relative Strength Index period 14. The coin is in the uptrend zone and it is likely to rise.

OMG/USD Major Trend: Bullish

OmiseGo is in an uptrend. Its first upward move in February was terminated at the resistance of $1.40. The market fell to $0.40 low and resumed consolidation.

OMG/USD - Daily Chart

OMG/USD – Daily Chart

The crypto was in a period of consolidation for two months and characterized by small body candlesticks. The small body candlesticks are Doji and Spinning tops describing the indecision between buyers and sellers about the direction of the market. In early May, price rebounded and it is approaching the high of $2.0. Meanwhile, the stochastic is indicating that the market has reached the overbought region. Sellers are likely to emerge to push prices downward. The market may retrace to $1.60 before resuming the uptrend.

DOGE /USD Major Trend: Bullish

DOGE/USD - Daily Chart

DOGE/USD – Daily Chart

Dogecoin has been in an uptrend since March. The crypto has risen from a low of $0.0012 to $0.0027. Since April 30, the upward move has been stalled. Dogecoin is now in a sideways trend below the overhead resistance at $0.0027. The crypto will rise to $0.0032 high if the current resistance is breached. Meanwhile, the coin is at level 54 of the Relative Strength Index period 14. DOGE has a tendency to rise.

VET/USD Major Trend: Bullish

VET/USD - Daily Chart

VET/USD – Daily Chart

VeChain (VET) is in a bull market. The crypto has been in an uptrend since March. The price has risen from a high of $0.0020 to a high of $0.0050. The uptrend is also stalled at a high of $0.005 since April 30. The bulls find penetration difficult at the resistance. Presently, the crypto is now in a sideways trend below the resistance. VET is above 40% range of the daily stochastic. This implies that the coin is in bullish momentum.

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Author: Mustapha Azeez

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Author: Mustapha Azeez