Cryptocurrencies like Cardano (ADA), TRON (TRX), and Monero (XMR) have made positive moves and are making gains from the bear market. Most times, these coins have to overcome minor resistances to move forward. However, Stellar (XLM) and Ethereum Classic (ETC) are in a sideways trend.
Stellar has been in a sideways direction for six months, unable to break the resistance at $0.090. ETC upward move was short-lived as the bulls and bears struggle for a price below the resistance of $13.
ADA/USD Major Trend: Bullish
Recently, Cardano (ADA) made a positive move, which was hampered at the resistance of $0.070. Before this time, ADA has been consolidating above the $0.060 support on February 5. However, the price rebounded above the support on February 11, to reach a high of $0.070. At the moment, the resistance has compelled ADA to a sideways move below the current resistance. Cardano will rally above $0.080 if the bulls break the current resistance.
The bulls will continue with their upward move to $0.090 with the current momentum. Nonetheless, the upward move is doubtful because of the Relative Strength Index period 14, level 79. This indicates that ADA is trading in the overbought region of the market. Buying has been overdone. Sellers will be generated in the region in the absence of buyers to push Cardano downward. ADA may fall and find support at $0.065 before the resumption of the upward move.
TRX/USD Major Trend: Bullish
On February 11, TRON (TRX) finally overcame the knotty resistance at $0.022. Since October 29, 2019, the resistance has eluded TRON from its upward move. Nonetheless, the bulls made two attempts before penetrating the resistance. TRON is in an upward move, but it is facing another resistance at $0.026. At first attempt, the bulls were resisted, and they are making a second attempt at it.
The coin will rally above $0.030 if the bulls break the $0.026 resistance. Nonetheless, TRX is trading above 80% range of the daily stochastic. This indicates that TRON is in strong bullish momentum and also in the overbought region. There is a likelihood that the coin may pullback since it is in the overbought territory. On the other hand, the current momentum may linger in the overbought region.
XLM/USD Major Trend: Ranging
Stellar (XLM) has been in a sideways move since July 2019. The bulls have made three unsuccessful attempts at the resistance of $0.090. Each time the bulls are repelled, the coin will fall to the low of $0.053 or $0.042. The market moves up after a period of consolidation above the support. Today, Stellar is retracing after the bulls are resisted.
As usual, the market will fall to either $0.042 or $0.053. The Relative Strength Index period 14, level 80, indicates that XLM is in the overbought region of the market. Sellers are coming in at the region to push Stellar downward. This confirms the earlier price action.
XMR/USD Major Trend: Bullish
Monero (XMR) is in an uptrend, but it is currently being resisted at a high of $96. The price retraced to the support of $90 and moved up. Monero will be out of the downtrend zone if the $96 resistance is broken. On the upside, Monero is expected to rally above $110, if the current resistance is broken.
On the downside, the coin has fallen to a low of $90, and it is resuming the upward move. Meanwhile, Monero is already trading above 80% range of the daily stochastic. The stochastic bands are sloping horizontally above 80% range. This implies that the coin is in strong bullish momentum and, at the same time, in the overbought region. It is unclear how long the overbought condition will linger as the bands’ ranges.
ETC/USD Major Trend: Ranging
Currently, Ethereum Classic (ETC) is in a sideways move since January 29. The previous upward move has run into a hitch at the $13 resistance. In the past two weeks, the bulls have made three unsuccessful attempts at the resistance to breaking it.
The coin is now ranging between $11 and $13. On the downside, ETC can drop to $8 low, if the bears break the $11 support level. On the other hand, ETC can as well move upward to the high $13, if the bulls are successful. Meanwhile, the Relative Strength Index period 14 is level 65 indicates that ETC is still in the uptrend zone. The coin may likely rise again.
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez