We will be conducting a macro analysis between the three competitors TOMO, EOS, and TRX while analyzing their technical status and comparing all three together in the end.
TOMO has broken out from its wedge reversal structure. Now it is back on track going to the previous highs and previous key-levels.
After the strong downtrend and retrace, TOMO has found a place to stay and bounce from a key area of support. This bounce did not just occur out of nowhere but was prepared with a reliable and strong consolidation period, which we can see in the form of a wedge. This wedge firstly had some struggle breaking out and showed some fake-outs, yet finally, investors and supporters could punch through resistance and get TOMO rolling back up to the previous key areas.
Looking at technical indicators, we can see the MKAST Algorithm being on the brink of a buy-condition. The same goes for the MKAST LenLen Ribbon, which is about to turn to the upside and fully confirm TOMO's bullishness.
Furthermore, the MKAST Index is above its ALMA, a very bullish sign, yet it is at 13/15 points, which is relatively high and could indicate a small retrace to the most recent breakout area soon.
EOS Has reached a support level at a key-area of previous support after a very strong and long-lasting downtrend.
The downtrend mentioned above has been very heavy and got even nastier after the first little bounce after the beginning of the downtrend. Interestingly, after seeing strong and very hurtful impulsive moves to the downside, EOS went into a very low volatility market.
This low volatility also has low liquidity attached to it, creating an ongoing divergence currently, since the direction is still pointing downwards. Still, the volume is below its moving average, and with it, this is a divergence that should not be ignored. Especially right now, where EOS is standing at a level of support, the importance of this increases drastically.
Looking at the MKAST Algorithm, we can still see the sell-condition being active, which is entirely understandable because EOS is still moving downwards and has still not seen a strong bounce or reaction yet. The MKAST Index is at 6/15 points, which is very much in the middle, and since it is going flat previously, there is not much significance in its most recent moves.
TRX has seen a powerful upsurge, from which it is recovering right now. Yet the downtrend has no strong nor convincing reversal in sight.
As just mentioned, TRX has seen a very tremendous and strong upsurge in price before the strong reversal which we see right now. This current downtrend is currently having a hold at a previous key-area of support and breakout. Nevertheless, the only uptrend support of TRX
has been broken down this week. With this, the likelihood of further downside increases right after a possible bounce from the most recent key-area.
Looking at the MKAST Algorithm, one can see still a Sell-Condition, which is very understandable and likely. Since the gap between the price and the MKAST LenLen Ribbon is quite big and the price is at supposed support, which once again supports the idea of a soon-to-see dead cat bounce.
In addition to that, the MKAST Index shows 1/15 points, which is almost completely oversold and gives further confirmation.
To summarize all the competitors, we have a very clean and clear picture.
TOMO is, without a doubt, a market leader, bouncing before anyone else does, and with it, a top performer in the rather bloody market. A small retrace would be appreciated by an experienced trader to increase or look for new entries.
Following TOMO, we have EOS, which has a nasty and robust downtrend almost behind itself and is at really strong support, which should be confirmed soon after a small consolidation.
Finally, TRX takes the place of the most unstable and least rewarding in the nearest future. TRX is at intermediary support and has surely a chance for a small relief bounce or dead cat bounce, yet has not the technical status for a strong bounce and uptrend continuation yet.
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