Following the successful registration of its foundation in Abu Dhabi, the IOTA native token surged, reaching a peak of $0.2899 yesterday. The new 2023 high marks the coin’s highest valuation so far this year, setting a new record year-to-date.
The establishment of the foundation is part of a broader strategy to promote the global adoption of IOTA’s distributed ledger technology. Despite retracing 11% so far today, IOTA is still up nearly 38% last month. If the cryptocurrency is able to rebound and subsequently consolidate successfully at current levels, this could open the door to further gains.
Radix's price bounced off the 100-day moving average and broke through immediate resistance, surging 11.31% yesterday and closing in the positive. The momentum comes as short-term forecasts predict that Radix may rebound and retest the coin’s 0.786 Fib resistance at $0.06269 following yesterday’s upward price action.
Theta Network’s THETA is up 5.50% so far today and is currently trading around $1.017. The token’s monthly performance has significantly increased by nearly 50%, driven in part by the project’s recent community airdrop. However, technical indicators point to a possible slide, with the RSI and MACD indicating a bearish short-term outlook. Resistance near $1.06 could signal impending selling pressure.
An in-depth analysis of the technical and fundamental prospects of these cryptocurrencies
NEO
Price: $10.84
Market cap: $764.286 billion
Rank: #65
NEO upgraded its testnet on November 21st and will upgrade mainnet on December 4th. The new upgrade will provide several improvements and optimizations. NEO price has risen rapidly since breaking out of the descending resistance trend line on October 26.
On November 5, the uptrend reached a high of $15.46. However, the price failed to sustain its upward trend and formed several long upper shadows (red icon), which are considered signs of selling pressure. Despite the decline, NEO price remains above the main horizontal support area at $10. If it rebounds, it could move up 35% and reach the $14.50 resistance area.
Despite the bullish NEO price forecast, a close below the $10 area could trigger a 30% decline to the next support at $7.50.
MultiversX (EGLD)
Price: $43.36
Market cap: $1,138 billion
Rank: #50
EGLD stakeholders are voting in favor of the first protocol governance proposal. Voting opens on November 23rd and will last until December 3rd. So far, nearly 98% of participants have voted in favor of the Sirius 1.6 protocol upgrade, which features enhancements such as optimized consensus signature checking, advanced voting, and multi-point voting. Critical support for chain sharding.
In October, EGLD price broke through the long-term downward resistance trend line, reaching a maximum of $53.45. Although the price subsequently declined, it is still trading within the $43 level support zone. As long as this happens, the trend remains bullish. If the price resumes rising, it could rise by 45% and reach the next resistance level at $63.
On the other hand, if EGLD closes below the $43 area, it could drop 25% and verify the long-term descending resistance trend line.
KAVA
Price: $0.765
Market value: US$747.165 billion
Rank: #68
The last Altcoin of December is KAVA. KAVA 15 will be released on December 15th. While there isn't much information about its upgrades, the team held an AMA on November 29 to discuss the new developments.
KAVA price broke above the descending resistance trend line on October 20 and has risen rapidly since then. On November 11, the price rose to a high of $0.87. Although KAVA price subsequently declined, it is still trading above the $0.70 horizontal support area. As long as this happens, the most likely future outlook is for a 30% rise to the next resistance level at $1.
Although the KAVA price forecast is bullish, a close below the $0.70 area could result in a 25% price drop to $0.57.
IOTA
IOTA price has recently caught the attention of traders following the successful registration of its foundation in Abu Dhabi. The cryptocurrency showed significant gains despite encountering a major resistance zone that led to a pullback. IOTA price is currently struggling to stabilize near the Fib 0.5 level at $0.2280, down 10.85% so far today.
IOTA price is currently charting a path above the 20-day ($0.1890), 50-day ($0.1765), and 100-day ($0.1709) EMAs. This positioning is usually a bullish sign that buyers are dominating the market. If sustained, this could pave the way for a continuation of the recent uptrend.
The RSI dropped from 77.04 yesterday to 64.01 today. It shows that IOTA price is cooling down from overbought territory, suggesting that the price may consolidate or even drop slightly. Meanwhile, the MACD histogram has increased from yesterday’s 0.0030 to its current value of 0.0044. This positive shift shows that despite the recent IOTA price decline, bullish momentum is building in the market.
IOTA price is currently facing a strong horizontal resistance zone between $0.2680 and $0.2746. This resistance level has been very noticeable in recent price rejections, and a successful breakout of this area could signal a continuation of the bullish trend. On the other hand, immediate support for IOTA price lies in the horizontal area of $0.2280 to $0.2313. This area is also aligned with the Fib 0.5 level at $0.2280, making it a key area for price stability.
If the price breaks this support level, further declines are likely, which could provide an ideal buying opportunity for investors looking for long-term gains. Current technical indicators paint a picture of near-term uncertainty for IOTA price. Despite the positive momentum on the MACD, the price is still hovering near key support levels. Traders should monitor these levels carefully and adjust their trading strategies accordingly.
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