{"id":106752,"date":"2019-05-30T18:38:49","date_gmt":"2019-05-31T01:38:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=106752"},"modified":"2019-05-30T18:38:49","modified_gmt":"2019-05-31T01:38:49","slug":"altcoins-correct-dash-cosmos-nem-bitcoin-diamond-digitbyte-technical-analysis","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/altcoins-correct-dash-cosmos-nem-bitcoin-diamond-digitbyte-technical-analysis\/","title":{"rendered":"How far will altcoins correct? Dash, Cosmos, NEM, Bitcoin Diamond, Digitbyte technical analysis"},"content":{"rendered":"<p>Despite the <a href=\"https:\/\/cryptoslate.com\/bitcoin-spikes-9000-before-falling\/\">wild price action<\/a> that the cryptocurrency market went through today\u2014where <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">bitcoin<\/a> saw its value jump above $9,000 to then quickly drop to $8,000\u2014the charts could help determine where some of the highest market cap <a href=\"https:\/\/cryptoslate.com\/coins\/\">altcoins<\/a> are heading.<\/p>\n<h2>Dash<\/h2>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/dash\/\">Dash<\/a> went through a month-long consolidation period from April to May. During this time, it traded within a $21 range between $112 and $133. A bullish impulse allowed DASH to break above this range and surge all the way up to $177.<\/p>\n<p>On the 3-day chart, dash found resistance around $172 and has not been able to move higher than this level. If it is able to break above it, dash could go up to the next resistance point around $210. Failing to trade higher than $172 could take dash down to find support at $153 or $133.<\/p>\n<figure id=\"attachment_106753\" aria-describedby=\"caption-attachment-106753\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-106753\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-1-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-1-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-1-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-1-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-1.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-106753\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Dash can be seen trading above the 7-day MA on the 1-day chart, which is a bullish sign. If it continues to trade on top of this moving average the bullish trend will continue.<\/p>\n<p>A break below the 7-day MA could take dash to test the 30 or 50-day MA, between $145 and $135.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106765\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-2-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-2-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-2-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-2-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-2.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>There is a bearish engulfing pattern developing on the 12-hour chart on the upper Bollinger Band, which is a bearish sign. A drop to the middle (21 MA) or lower band could be expected based on this timeframe. The bearish formation will be invalidated if dash trades higher than $176.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106764\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-3-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-3-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-3-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-3-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-3.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>Cosmos<\/h2>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/cosmos\/\">Cosmos<\/a> was released into the market in late April so there is not enough data for a long-term analysis. However, based on the 4-hour chart and the 1-hour chart a short-term forecast for this cryptocurrency is possible.<\/p>\n<p>A bull flag could be forming on ATOM\u2019s 4-hour chart. The bullish pattern predicts a 22 percent move to the upside once the flag is broken, which is given by the length of the flagpole.<\/p>\n<p>Nonetheless, the bull flag will be invalidated if Cosmos moves below $5.2.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106763\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-4-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-4-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-4-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-4-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-4.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>On the 1-hour chart, after reaching the upper Bollinger Band, Cosmos retraced to the middle band and bounced off. Now that the price is moving up once again and a double top could be expected that could retrace the market valuation of ATOM to $5.4 or $4.8.<\/p>\n<p>However, if this cryptocurrency is able to break above $6.6 the bullish trend could get stronger pushing it to higher highs.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106762\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-5-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-5-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-5-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-5-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-5.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>NEM<\/h2>\n<p>After a bullish engulfing candlestick formed around $0.047, <a href=\"https:\/\/cryptoslate.com\/coins\/nem\/\">NEM<\/a> jumped and reached the $0.1 resistance level. A move above this level could take it up to $0.12 or $0.15 based on the 3-day chart.<\/p>\n<p>To the downside, XEM could find support between $0.08 and $0.072 or continue falling down to $0.056.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106761\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-6-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-6-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-6-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-6-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-6.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>A double top could be forming on the 1-day chart. This is considered a bearish reversal pattern that developed after NEM reached a high of $0.1 two consecutive times. A pullback to the 50-day moving average could be expected, but if the bearish trend is strong XEM could go down to the 200 or 100-day moving average.<\/p>\n<p>The bearish pattern will be invalidated if NEM trades higher than the most recent high of $0.123.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106760\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-7-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-7-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-7-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-7-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-7.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>On the 12-hour chart, the major resistance point is at $0.1. Since XEM has not been able to close above this level, a pullback to the 50-MA could be expected, which is sitting around $0.0.74.<\/p>\n<p>Nonetheless, if volume starts picking up and this cryptocurrency is able to break past resistance it could reach new yearly highs.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106759\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-8-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-8-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-8-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-8-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-8.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>Bitcoin Diamond<\/h2>\n<p>In the last two days, <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-diamond\/\">bitcoin diamond<\/a> has moved up more than 80 percent, from $0.99 to $1.8 breaking past three levels of resistance. The significant surge that BCD experienced could make it retrace to $1.4 or $1.2 to consolidate before the bullish trend continues, based on the 3-day chart.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106758\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-9-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-9-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-9-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-9-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-9.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>An ascending triangle formation seems to have been developed on the 1-day chart. BCD was able to move higher than the 40 percent target given by the bullish pattern. Now, this cryptocurrency could find a trading range before its next major move.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106757\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-10-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-10-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-10-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-10-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-10.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>Digibyte<\/h2>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/digibyte\/\">Digibyte<\/a> has been trading inside a massive ascending parallel channel since Dec. 2018, reaching higher highs and higher lows which is a bullish sign. Currently, this cryptocurrency is trading at the top of the channel so a move to the middle or bottom of the channel could be expected. The most likely retrace point could be $0.014. However, if DGB is able to break above the parallel channel it could experience a strong bullish impulse.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106756\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-11-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-11-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-11-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-11-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-11.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>The TD Sequential Indicator gave an unperfected green nine candlestick, which is a bearish signal. If validated, digibyte could go down to test the support trendline sitting at $0.012. The sell signal will be invalidated if there is a green two trading above a green one candlestick on the 1-day chart, which could take DGB to new yearly highs.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106755\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-12-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-12-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-12-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-12-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-12.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>On the 12-hour chart, digibyte can be seen trading below the 7-moving average signaling that a correction could be coming. If DGB continues to move down it could try to test the 30 or 50-MA, between $0.0145 and $0.013. Conversely, if this cryptocurrency is able to trade on top of the 7-MA once again, the bullish trend will continue.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-106754\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-13-1024x580.png\" alt=\"\" width=\"1024\" height=\"580\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-13-1024x580.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-13-300x170.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-13-768x435.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/far-altcoins-correct-13.png 1055w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>Overall Sentiment<\/h2>\n<p>The market could undergo a sustained correction after the significant surge in prices that most cryptocurrencies have had. The retrace could be considered as a take profit period that has the potential to open the doors for a stronger bullish trend.<\/p>\n<p>It is worth noting that bitcoin went through a <a href=\"https:\/\/cryptoslate.com\/analyzing-bitcoins-break-above-4200-is-it-a-trap\/\">bull trap<\/a> in 2015 that took its price down to test its previous low. This is a bearish pattern that tricks investors into believing that a new bullish trend has started when, in fact, after reaching a certain high the market goes back to test new lows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the wild price action that the cryptocurrency market went through today\u2014where bitcoin saw its value jump above $9,000 to then quickly drop to $8,000\u2014the charts could help determine where some of the highest market cap altcoins are heading. Dash Dash went through a month-long consolidation period from April to May. During this time, it [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":106776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How far will altcoins correct? 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