Stellar (XLM) Cardano (ADA) Price Analysis — Pressure Mounts
Perhaps the best way to view recent activity across the cryptocurrency complex is as a battle between speculators positioning for investment returns during phase 3 of the crypto Revolution and monetizers converting supplies of coins into fiat currency for use in the world after earning, mining, or otherwise gaining access to stores of high market cap coins.
- High: $0.28193
- Low: $0.26592
- Major Resistance Level: $0.28
- Hourly MACD: Rolling Over
No one is going to argue with the idea that Stellar (XLM) has become a clear outperformer in the crypto space over the last couple months, powering higher by nearly 100% in just about 15 days in the middle of last month.
This move was comprised of a high-volume breakout above the coin’s 50-day simple moving average, which was immediately followed by a spike higher to test resistance at the 200-day simple moving average.
At this point, we are seeing a pullback to possibly test support at the $0.25 level, which could be a very interesting spot for those looking to establish new involvement in Stellar (XLM).
If we happen to flush out that level in XLM, sellers may cascade and feed on themselves to take us down to a test of the 50-day simple moving average – now a rising average – at just above the $0.23 level.
- High: $0.14143
- Low: $0.13108
- Major Resistance Level: $0.14
- Hourly MACD: Trending Lower
Like most coins across the complex, we saw Cardano (ADA) dip sharply to start out this week, with support stepping in over the past 24 hours intermittently, as the battle intensifies around the key $0.13 level.
At its lows, we saw massively oversold markers on the hourly MACD indicator, creating a high probability of some level of stability. However, over the past 12 hours, this state has relieved itself, opening the door for another possible test of support below.
If we do move back lower, we could be in for another test of the $0.125 level, which was successfully tested by Cardano (ADA) during the pivot low formed on July 12.
If we are able to find new support and break to the upside out of the range formed over the last 24 hours, the most important resistance level above at this point is at the lower half of the four-day range formed during the latter half of July, with the critical zone at this point sitting at the $0.16 level in ADA.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Charts courtesy of tradingview.com
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