Altcoins Weekly Analysis – ADA, EOS and Ethereum – 16/12/18

It was another weekly loss, but this morning could deliver a much-needed boost, holding onto key levels at the start of the week key to avoiding another week of heavy losses.
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Cardano’s ADA

Cardano’s ADA fell by 10.05% Monday through Saturday, following on from the previous week’s 35.05% slide, to close out Saturday at $0.02873.

It was another bearish week, with Cardano’s ADA sliding from a start of a week high $0.03279 to a week low $0.02781, before recovering to $0.028 levels on Saturday.

The moves through the week saw Cardano’s ADA steer clear of the week’s major support and resistance levels, with Cardano’s ADA also managing to avoid striking a new swing lo following the previous week’s new swing lo $0.02724.

It was the only positive, however, with the weekly loss marking a 5th out of the last 6.

For the week ahead, a bullish start to the week on Sunday could provide some much-needed respite from the post-October sell-off, with an early in the week move through to $0.030 levels bringing the week’s first major resistance level at $0.032 into play. The bulls will be eyeing $0.035 levels, support from the broader market needed to bring the second major resistance level at $0.035 into play later in the week.

Failure to move back through to $0.030 levels at the start of the week could lead to more red for Cardano’s ADA. A pullback through $0.0295 likely to bring $0.028 levels and the previous week’s $0.02781 low into play before support kicks in. We would expect $0.026 levels and the week’s first major support level at $0.0268 to be left untested in the week ahead.

At the time of writing, Cardano’s ADA was up 3.66% to $0.02978.

EOS

EOS fell by 5.64% against the Dollar, Monday through Saturday, following on from the previous week’s 28.79% slide, to close out the day at $1.9285 on Saturday.

While the losses were minor relative to the broader market, it was a 6th consecutive week in the red for EOS, the last weekly gain coming in the week beginning 29th October.

It was a range bound week, by recent standards, with EOS easing back from a beginning of a week high $2.127 to a Friday low $1.7746 before finding support to move back through to $1.92 levels.

Moves through the week saw EOS steer well clear of the first major support level at $1.4378, while EOS also failed to take a run at the week’s first major resistance level at $2.7678, a move through to $2.16 levels needed to support a break out in the week.

For the week ahead, a hold above $1.95 through the early part of the week would support a run back through to $2.00 levels to bring the week’s first major resistance level at $2.11 into play. Sentiment across the broader market will influence, with an early in the week move likely to bring some respite from a string of weekly losses, though we can expect some volatility to test investor nerve through the week.

Failure to hold above $1.95 in the early part of the week could see EOS hit reverse once more, a pullback through to sub-$1.90 levels likely to bring sub-$1.85 levels into play, while we would expect EOS to steer clear of sub-$1.80 levels and the week’s first major support level at $1.76 in the event of a reversal.

At the time of writing, EOS was up 2.41% to $1.9749.

Ethereum

Ethereum fell by 10.53% Monday through Saturday, following on from a 19.14% fall the previous week, to close out Saturday at $82.92.

It was year another bearish week, with Ethereum falling from a start of a week high $94.62 to a weekly low and new swing lo $80.06 on Friday before finding support.

While it was the 5th week in the red out of the last 6, avoiding a fall to sub-$80 levels was key for the bulls in the week.

In spite of the heavy losses, Ethereum managed to also steer clear of the week’s major support level at $77.50, while the start of the week high $94.62 came up well short of the first major resistance level at $111.6.

For the week ahead, a move through to $86 levels and hold would support a move through to $90 levels, bringing the week’s first major resistance level at $91.6 into play that could lead to shift in sentiment and the beginnings of a recovery back through to $100 levels.

Failure to move back through to $86 levels could see the negative bias resume through the week, with any pullback through to $80 levels likely to bring sub-$80 levels and the week’s first major resistance level at $77.5, investors likely to get edgier should Ethereum fail to capitalize on gains early this morning.

At the time of writing, Ethereum was up 3.05% to $85.56.

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