As Monday comes to an end, cryptocurrency markets continue to trade sideways. Bitcoin has recently dropped slightly, meaning we could see some bearish pressure in the coming hours. Let’s take a look at some of our favorite cryptocurrencies and see what the charts have in store.
The XLM/USD pair began the session recording a downside correction above the critical support level $0.0581. An upside rally later followed that pushed the price to test near $0.0589 resistance level. Conversely, the pair’s price is expected to end the session with a positive note as the short-term SMA that has crossed above the long-term SMA suggested so. Additionally, XLM/USD pair moved from $0.0587 to now changing hands at $0.0587 that give a positive outlook.
On the general outlook, XLM/USD pair has been on a sideways move as reflected by the horizontal channels that also acted as the price support and resistance level. Besides, the ranging market suggested lack of dominance in the market momentum.
A notable potential has been reflected by XLM today’s market performance. Thus a break above $0.0589 could lead to a further bullish rally; new targets should be set near $0.0650. Notably, the RSI indicator is currently pointing south that signals a bearish outlook, thereby a break below $0.0580 may lead to a downside move near $0.0400.
EOS/USD was also seen walking sideways in the crypto market, with support and resistance level being stood at $4.0299 and $4.1419. However, the market began the session trading at $4.0578 and is currently changing hands at $4.1153 that translate to an upside gain of $1.4% over the intraday.
The market first recorded a fall that later on consolidates for a short-term below $4.0299 before an upside fluctuation that moved the price to a high of $4.1636, it later dropped slightly to the current price. Additionally, a positive outlook is quite possible, especially since the RSI indicator is still hovering above average. Besides, the moving averages also suggest a bullish breakout. It is therefore a recommendation for investors to wait for the price to bounce above $4.0299 to take a long position.
If the bulls can manage to drag the pair’s price above $4.1419, then an upward price rally near $4.2000 could be encountered. However, a break below $4.0290 might result in a massive decline near $2.5000
In the crypto market, the price of BTC/USD has also been inactive with no much going on rather than more ranging movement. Afterward, there is a lack of dominance between the bears and the bulls. Over the intraday, the price of BTC/USD has been trading within resistance level $10338.63 and support level $10273.31. However, at around 16:00, an intense bullish pressure was encountered that breached the resistance level. Nevertheless, rejection of higher prices was seen as the bears pick up the momentum and drop the price to a low of $10308.61 before it embarked to a steady flow.
The pair’s price was escalated from $10311.25 to $10298.00, which is the current price. Looking at the technical indicators, the moving averages, and the RSI is on neutral states that suggest a range-bound for a short-term.
Despite, a ranging market, a big move is anticipated. According to analysts, a series of exponential moving averages have all aligned on the hourly chart that is expected to give a big move soon. On the downside correction, if the price breaks past $10270.00, then a wick down below $9000.00 is possible but may not last for long.
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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