Not a great day today for cryptocurrency as most markets are seeing a slight decline. That’s only to be expected as we’re at the end of the week. Let’s take a look at some of our favorite cryptocurrencies and see if the charts tell us anything.
On the intraday chart, XLM/USD pair has exhibited a tremendous fall below $0.06169. The price, however, managed to find support below the critical support level near $0.060032 (S). That holds well against the selling pressure. The dip was followed by a medium-term period of consolidation between $0.060032 and $0.060763 levels respectively that signified an indecisive market condition.
New resistance level was later defined at $0.61372 (R) after an upside correction that placed the current price at $0.06066. Stellar price recorded a down surge of about 1.2%, having moved from $0.06141 to $0.06066. However, the RSI indicator has currently gain some momentum that give investors hope for a positive outlook. Thus, impressive digits values are anticipated.
Looking at the moving averages, the short-term SMA has now crossed above the long-term SMA, indicating high chances of an incoming bullish run in the near term. A break above $0.61372 may hit an upside move near $0.06900 and $0.07000.
ADA/USD pair has continued to dig deeper on today’s hourly chart. The downside move has fluctuated the momentum to currently changing hands at $0.04715 from where it opened the session trading at $0.44487. That translates to a dip of about 1.7% over the last 24hrs.
The dip later found rest and hovered between support level $0.043888 (S) and resistance level $0.044820 (R) that validated a sideways trend. The moving averages also suggested a bearish sign, since the long-term SMA has been hovering above the short-term SMA throughout the intraday.
Additionally, the current price has breached the critical support level that gives investors a negative outlook. The RSI has also been hovering below level 50 that confirms an intense selling pressure. In addition, reduction in investors sentiments is likely.
At the press time, all the technical indicators suggest further downside move. Therefore, investors are expected to go short and take profit near $0.03900 and $0.03800
The BNB/USD pair began trading at $21.686 with a slow price movement that consolidated below significant support near $21.368. At around 16:00, a bullish engulfing candle was seen that shifted the price up to where it rallied at a high of $23.657. The RSI (B) that was seen in the overbought region reflected the bullish movement that also showed that the bulls were interested in the higher price value.
Unfortunately, the bears later rejected the higher price values; thus, a steep dip was later followed before the price embarked to steady flow that defined the current price at $22.517. This also showed an upsurge of 3.7% over the last 24hrs. Afterward, the ascending channel (A) reflected the uptrend. Conversely, the RSI is now heading south ways that suggest a negative outlook.
At the moment, the long-term SMA has crossed above the short-term SMA that signifies a bearish sign. A break below the ascending channel (A) may trigger a downside correction near $21.000. However, failure to breach the ascending channel may result to a bullish move near $23.500.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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