Altcoins Weekly Analysis – ADA, EOS and Ethereum – 10/12/18

Following some heavy losses last week, the majors are back in the red at the start of the week, leaving the bears firmly in the driving seat as the year comes to a close.
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Cardano’s ADA

Cardano’s ADA slumped by 35.05% in the week ending 9th December, reversing a 9.52% gain from the previous week with interest, to end the week at $0.03194.

Bearish through much of the week, Cardano’s ADA fell from a start of a week high $0.0425 to a week low and new swing lo $0.0272 on Friday, the reversal seeing Cardano’s ADA fall through the week’s first major support level at $0.0356 to call on support at the second major support level at $0.0291 before steadying.

A partial recovery through the weekend reduced some of the losses, while the weekly slide marked the 4th week in the red out of the last 5.

For the week ahead, a move through $0.0340 would signal a run at the week’s major resistance level at $0.04 level, an early move needed to give Cardano’s ADA a run at $0.050 levels later in the week.

Failure to move through to $0.0340 levels could see Cardano’s ADA give up $0.030 levels and pullback through last week’s swing to $0.0272 to test the week’s major support level at $0.0250 before any recovery, more significant losses not expected in the week.

At the time of writing, Cardano’s ADA was down 2.94% to $0.0310.

EOS

EOS tumbled by 28.79% against the Dollar in the week ending 9th December, following on from a 15.54% slide the previous week, to end the week at $2.0467.

A particularly bearish first half of the week saw EOS slide from a start of a week high $2.88 to a weekly low and new swing lo $1.55 on Friday, the reversal seeing EOS fall through its major support levels, with EOS falling well short of the week’s major resistance levels.

Tracking the broader cryptomarket, 2 consecutive days in the green through the weekend partially offset some of the week’s losses, while the week’s reversal marked a 5th consecutive week in the red.

For the week ahead, a move back through to $2.16 would signal the beginnings of a possible recovery, with EOS needing to make a move through the early part of the week to support a run through $2.16 to bring the week’s major resistance level at $2.77 and $3.00 levels into play.

Failure to move through to $2.00 levels to take a run at the week’s major resistance level at $2.77 could see EOS take a bigger hit through the week, a pullback through the previous week’s low $1.55 bringing the week’s major support level at $1.44 into play before any recovery.

At the time of writing, EOS was down 4.49% to $1.9548.

Ethereum

Ethereum slid by 19.14% against the Dollar in the week ending 9th December, the reversal seeing Ethereum fall from a start of a week $114.76 to end the week at $92.79.

Reversing the previous week’s 0.41% gain with interest, a particularly bearish week saw Ethereum slide through the first major support level at $100.53 and second major support level at $86.29 to a week low and new swing lo $81.02 on Friday before finding support to move back through to $90 levels by the week’s end.

The weekly loss marked the 4th in the last 5 weeks, leaving the extended bearish trend formed at an end of April swing hi $828.97 firmly intact.

For the week ahead, a hold onto $90 levels through the start of the week would support a move through to $96 levels by mid-week to bring $100 levels into play before any pullback, a broad-based market recovery needed to bring the week’s first major resistance level at $112 into play.

Failure to hold onto $90 levels through the early part of the week could see the bearish trend extend, with a pullback through to $85 levels bringing sub-$80 levels and the week’s first major support level at $77.5 into play before any recovery, more significant losses unlikely barring particularly negative news hitting the wires.

At the time of writing, Ethereum was down 2.03% to $90.91.

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