After a steep drop in recent days, we’re just beginning to see rebounds in cryptocurrencies.
Three of the day’s best performers each returned more than 10%.
Ethereum (ETH) Rebounds 13.5%
Ethereum’s eye-popping rally took it from less than $10 to $1,400.
But that’s where the party ended. Since then, the coin plunged more than 85% to less than $200.
All on regulatory uncertainty and disappointment over painstakingly slow adoption.
While there may be further downside in the coin, it just caught support and turned 13.5% higher. Right now, it’s currently testing triple bottom support dating back to July 2017. Should support hold, we could see a potential return back to $400.
Should it fail, the coin could push back to historic lows.
It’s also bouncing off its lower Bollinger Band (2,20) with oversold extensions on relative strength (RSI) and Fast Stochastics.
EOS (EOS) Added 10.02%
After pulling back from $22.89 to a low of $5.36, EOS found support today, as well.
The coin is now up 10.02% on the day after catching support dating back to March 2018. Here, too, the coin is bouncing back from oversold extensions on relative strength (RSI) and Fast Stochastics. If it can hold support here, we could see a potential recovery to $7.40.
Failure at support could see the coin test a December 2017 low before $5.
Nano (NANO) Rebounds 20.8%
Given its exposure to IoT and the multi-billion gaming market, where there’s a need for micro-transactions, the coin is finding interest. After running higher in late August, the coin did pullback to $1.61, where it found support dating back to August.
Its next test will be the 50-day moving average at $2.508. If it can break above that resistance point, we can make an argument for a test of $3.
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