Decred, Monero and Cosmos all registered big gains in the past few days. Monero could not hold on to levels it briefly claimed. Decred showed likelihood of testing support levels before a continuation of the previous uptrend. ATOM was ripe for a minor correction, and the next few days will reveal the strength of its move and whether it looks higher or toward consolidation.
Decred [DCR]
Decred moved down two ranks, to 64 on CoinMarketCap, with a capitalization of $223 million.
DCR’s uptrend began near the end of July and surged briefly to $23.8 before a retracement. Stochastic RSI indicated oversold at the time of writing.
It is possible that $18.5 and $18 could be visited in the next few hours. Yet the overall picture is still strongly bullish. The retracement from $23.8 is part of a healthy trend. DCR’s bullish outlook would need to be reconsidered if support at $16.7 is lost over the coming days.
Monero [XMR]
Source: XMR/USDT on TradingView
Monero is the largest of the cryptocurrencies with a focus on privacy. It was ranked 16, with a marketcap of $1.63 billion. Monero was recently in the news when a malware botnet was revealed to have attacked millions of addresses, using a Monero mining app called XMRig.
Monero briefly surged to $105 before retracing all the gains to find support at $90. The coin has been in an uptrend in the longer time period. In the short-term, Parabolic SAR gave a sell signal, while 20 SMA (white) was above 50 SMA (yellow), indicating that the coin was still bullish.
Conflicting signals might indicate some choppy price action in the near-term. XMR faces resistance from the 50 SMA, and the $96 resistance above.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
Cosmos registered big gains recently and reached its ATH. The coin added nearly $400 million to its marketcap, and was ranked 17.
The brief downtrend from 16 August was invalidated and retested at $5.3 before ATOM soared to reach $8.98.
At the time of writing, ATOM was trading at $8.2, and could see a correction to lower levels. DMI showed a very strong uptrend, that is likely to cool off before continuation. Support for ATOM is the $7.5 zone.
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