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Price Analysis: Top 3 Coins To Watch From March 8th - XEM, DAO, OM- Where Are They Heading?

3y ago
bullish:

10

bearish:

4

Bitcoin is finally back above the $50,000 level after surging 5.5% over the past seven days of trading. If it can remain above $50,000 this week, we might see some positive growth within the overall market.

Yesterday, we released our top 3 picks to watch out for this week, which included NEM (XEM), DAO Maker (DAO), and Mantra DAO (OM).

To find out why we picked these projects in a little more detail, take a look at the article here.

In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.

NEM (XEM) Price Analysis

What has been going on?

XEM is up by a strong 9% over the past week of trading and up by a whopping 151% over the past month as the cryptocurrency trades at $0.69 today. XEM had surged higher in February, reaching a monthly high of around $0.816 (1.618 Fib Extension). From there, it started to head lower in the final week of February as Bitcoin rolled over to break beneath its ascending price channel.

Luckily, the bulls found support around $0.47, provided by a rising trend line, at the end of the month and managed to rebound from here.

In the first few days of March, XEM managed to surge as high as $0.94. Unfortunately, it could not close a daily candle beyond $0.8 and has been dropping over the past five days of trading. It has found support at $0.7 and is battling to remain above here today.

XEM price short term prediction: Bullish

XEM is strongly bullish right now. The coin would need to drop beneath $0.56 (.5 Fib & rising trend line) to be in danger of turning neutral. It would have to continue beneath $0.25 (200-day EMA) to be in danger of turning bearish.

If the sellers push lower, the first level of strong support lies at $0.65 (.382 Fib). This is followed by $0.6, $0.56 (.5 Fib), $0.5, and $0.472 (.618 Fib).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $0.736 (1.414 Fib Extension). Above this, resistance lies at $0.8, $0.816 (1.618 Fib Extension), $0.85, and $0.885 (1.272 Fib Extension - orange).

Additional resistance is then found at $0.95 (1.414 Fib Extension - orange), $1.00, $1.06 (1.414 Fib Extension - red), $1.10, and $1.15 (1.618 Fib Extension - red).

DAO Maker (DAO) Price Analysis

What has been going on?

DAO Maker is a relatively new project, but it has already managed to amass a $71 million market cap level, putting it in the 320th ranking range. The cryptocurrency had managed to surge to an ATH price of around $6.78 during mid-February but has been slowly girning lower ever since.

In March, the coin rebounded from around $3.00 and started to climb higher toward $4.22. It failed to break this resistance and ended up dropping into the support at $3.42 (.5 Fib Retracement). 

It has now formed somewhat of a symmetrical triangle pattern as it attempts to break the upper boundary of this pattern.

DAO price short term prediction: Neutral

DAO is neutral right now and would have to break the upper boundary of this symmetrical triangle pattern to turn bullish in the short term. On the other side, a break beneath $3.00 is likely to turn the market bearish.

If the sellers push lower, the first level of support lies at $3.50 (.5 Fib & lower boundary of the triangle). Beneath this, support lies at $3.00, $2.65 (.618 Fib), $2.50, $2.00, and $1.96 (downside 1.272 Fib Extension).

Where is the resistance toward the upside?

On the other side, if the bulls break the upper boundary of the triangle, the first level of strong resistance lies at $4.22. This is followed by resistance at $4.50, $5.00, $5.50, $6.12, $6.50, and $6.78 (ATH price).

Beyond the ATH, resistance is located at $7.00, $7.50, $8.00, $8.63 (1.414 Fib Extension), $9.00, and $9.51 (1.618 Fib Extension).

Mantra DAO (OM) Price Analysis

What has been going on?

OM is up by a whopping 75% over the past 24 hours as the coin currently sits at the $0.42 level. The cryptocurrency is now ranked in the 232nd position as it currently holds a $265 million market cap value after surging by an enormous 200% over the past month.

The cryptocurrency had climbed higher in February but became stuck at the resistance around $0.3. From there, it headed lower until support was found at a rising trend line which allowed OM to rebound. 

In early March, OM surged back into the resistance at $0.3. It could not break this level and ended up falling back to $0.26. It exploded higher from there today to reach as high as $0.459 (1.618 Fib Extnesion - orange).

OM price short term prediction: Bullish

OM is strongly bullish right now. The coin would need to drop beneath $0.207 (.618 Fib) to turn neutral. It would need to continue further beneath $0.15 to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at $0.4. This is followed by $0.364 (.236 Fib), $0.35, $0.305 (.382 Fib), $0.256 (.5 fib), and $0.2.

Where is the resistance toward the upside?

On the other side, the first level of strong resistance lies at the ATH price at $0.459. This is followed by resistance at $0.502 (1.618 Fib Extension - purple), $0.55 (1.414 Fib Extension - blue), and $0.595 (1.618 Fib Extension - blue).

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

3y ago
bullish:

10

bearish:

4

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