Cardano (ADA), Chainlink (LINK), Skycoin (SKY), Tezos (XTZ), and TRON (TRX) are trading in their bull markets. Cardano has an exceptional performance as the crypto has almost recovered all the losses in the bear market. One similar feature among the altcoins is that at the overbought region, the coins are repelled and a sideways trend will follow.
ADA/USD Major Trend: Bullish
Cardano (ADA) is in a bull market. The cryptocurrency has impressive runs in April when it rebounded from its low of $0.034 to a high of $0.056. At the high of $0.056, the coin reached the overbought region. Sellers emerge to push prices down and the upward move was temporarily suspended to a sideways move.
The market traded below the resistance for a month before a breakout occurred. The bulls broke the overbought price and reached a new high of $0.068. Nonetheless, ADA is currently facing resistance at the recent high. The crypto is above 60 % range of the daily stochastic. Cardano is still in the uptrend zone and it is likely to rise. The uptrend has completely erased the previous bear market.
LINK/USD Major Trend: Bullish
Chainlink is in a sideways trend. The altcoin was earlier in a bull market as it rose to reach a high of $5 resistance zone. After testing the resistance zone, LINK fell and found support above $3.50. The price rebounded at the current support to reach and retest the resistance zone.
After the retest, there was a bearish reaction that led to a major breakdown and subsequent sideways move. After the second retest, a bearish double top pattern was formed. Incidentally, it is the major cause of the breakdown as price fell to $1.50 low. Meanwhile, the market is in a range-bound move below $4.50 resistance. LINK is now at level 56 of the Relative Strength Index period 14. That is, LINK is in the uptrend zone.
SKY/USD Major Trend: Bullish
Skycoin is in a bull market. The crypto has an impressive run in April as the market reached a high of $0.54. SKY was in the overbought region at the recent high. This resulted in the emergence of sellers in the overbought region. Consequently, the crypto fell from its peak price of $0.54 60 to $0.389 low. Buyers fail to make the upward correction as the coin resumed a sideways move. Presently it is consolidating above $0.40 support level.
XTZ /USD Major Trend: Bullish
Tezos is currently in a bull market. In the bear market, it fell to a low of $1.297. The market has reversed at the 1.618 Fibonacci extension level. A correction candlestick body tested the 0.618 Fibonacci retracement level. This candle body determines the termination of the bear market.
Thereafter, buyers made impressive moves upward but are facing resistance at the $3.0 resistance level. After testing the resistance at $3, the market fell and resume trading below $2.90 resistance. The crypto is presently in a sideways move, unable to break the $2.90 resistance. Meanwhile, XTZ is at level 57 of the Relative Strength Index period 14. That is, the LINK is in the uptrend zone.
TRX/USD Major Trend: Bullish
TRON was in a brief uptrend before resuming a sideways move. In its uptrend in April, the market reached a high of $0.0165. At the recent high of $0.0165, the crypto reached the overbought region of the market. Thereafter, the market continued fluctuations below the resistance before sellers emerged to push prices downward. TRX plunged to the $0.013 low and resumed a sideways move below $0.015 resistance. The cryptocurrency is above 40 % range of the daily stochastic. TRON presently is in a bullish momentum.
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez