The market is yet to shake off the recent negative sentiment that saw prices plummet further even as bearish conditions persisted. It’s uncertain when these conditions will dissolve into positive runs, especially on the regulatory front. Meantime, coins continue experiencing price declines. Here’s how the market is for NEO, ONT, and VEN.
NEO has a market cap of $2.6 billion and is ranked 11th. At the moment, the coin is trading at $41.06, 8% lower over its price on Tuesday. It reached highs of $45 on the day but dropped as any sort of momentum shrank during European trading hours.
Consequently, NEO has failed to recover from the recent losses suffered over the weekend and running into the week. Since the current trend suggests chances of an upside are low, it expected NEO/USD might face sell-off pressure in coming days.
NEO mirrors the rest of the market and is likely to stay in that hold. Although it’s still profitable YTD at 62%, its 25 percent drop over a week is quickly eroding any gains.
Technically, NEO is in decline over the short-term and its market indicators show the possibility of further price losses. For it to stop further declines, it has to find and consolidate support above $40 and move to break above $45. If the key resistance at $45 and $49 are broken, upside recovery could materialize and move it towards $59.40, possibly the beginning of another downward trendline.
On the downside, if it breaks below $40, it could be looking at support at towards $38.45 and further down at a morale-busting low of $31- its lowest values since Dec 2017. At the moment, investors should watch the market for any further signals before buying.
Just like the other coins, Ontology (Market cap $950 million) has taken a scrapping in the last few days. Its prices have slid, nominally erasing recent signs of a bullish return. From highs of $11 in early May, it has slid by over 35 percent in June.
ONT/USD is -7.94% down. The coin broke out of the channel over the weekend and has maintained that downward trend for the last two days. It’s currently trading at $6.28 and is unlikely to bounce in the next 24 hours due to sentiment.
At the moment, ONT looks more like strong sell. Its RSI (14) has reached 33.88 and its retracement is close to 65 fib level, which normally signals entry points for buyers. There are fears it could slip below $6.00 towards $5.80 and $5.59.
ONT/USD has support at $6.00 at the moment and is likely to recover towards $6.49 in the next day or two. However, this will depend on the actions of the ONT bulls in preventing it breaking below $6.00. This should weaken the bears and push it into an upside channel. On the flipside, the token risks sliding to early April lows of about $4 which will be harder to recover from given the bearish trend.
VEN saw some positive movement in early June as sentiment moved north on strength of its upcoming Mainnet release. However, that price march has been curtailed by the overall market decline and negativity.
Though it remains within a positive sentiment, 9 percent drop in 24 hours sees it risk falling into greater decline. $3.02 at the moment could be a signal that it can break below that mark any time. What could work in favor of the coin is the huge support line, shown by its recent break above 50-day MA.
In fact, VEN has consistently found support close to $3.00. Its most recent strong support base has been $3.30. The coin has also had support levels of $1 above the latest level, meaning if it doesn’t break below $3.00, the next one will be $4.00. The upside is that it could rally to its early May prices of above $5.00 within Q2.
On the flipside, breaking below $3.00 could open it up to more selling pressure and see it declined to early April lows of $2.00. VEN could then rely on support levels at $3.00 and $2.50, all too vital in stopping further losses. These two support levels are very critical to any future upside moves. The picture for VEN is to hold and watch for signs of further consolidation below $2.90.