Stellar (XLM-USD)
A ranging market was seen in the last 24hrs. The bulls seemed to have the upper hand due to bullish regular divergence pattern that occurs simultaneously. The RSI is ascending thus reflecting strong buying pressure.
XLM/USD pair started trading at $0.123370 but this was later followed by a massive fall which was reflected by the 21 day MA that is seen above the 7 day MA indicating a bearish signal.
On June 4, at 17:00 the price action fell to a low of $0.119232. This was later followed by a short period of consolidation that resulted in the formation of a bearish engulfing candle that further dips the price to a low of $0.116713.The strong selling pressure pushed RSI below level 30 at around 21:00 indicating an overbought market.
A three inside up candle was spotted between 21:00 and 22:00 that resulted in bullish momentum. Price performance was later on shifted up to the current price of $0.124783. This, therefore, placed resistance level at $0.124236 and support level at $0.121926. XLM has breached the previous resistance level of $0.119808; this clearly shows an increase in price performance.
FORECAST
A bullish outlook is likely to continue since RSI is ascending and the 7-day MA is above the 21-day MA in the last few hours thus indicating a bullish signal.
Cardano (ADA-USD)
ADA/ USD pair is trading on a ranging market, with a bearish outlook. ADA began the day (A) trading at $0.084683 which was later followed by a bearish market momentum that dips the price action to a low of $0.085616 (B). The price action later dips further at around 21:00, June 4 to close at $0.079657. RSI X is, later on, seen trading below level 30 confirming an oversold market at that period of time.
The fluctuation of prices is later encountered in ascending direction reflecting a bullish momentum. A strong buying pressure was also observed since the RSI level improved up to level 50. Significance level was thereby stood at; resistance level being $0.084060 and support level being at $0.082359 where it was supporting was breached and resistance was tested. ADA is currently trading at $0.083843.
FORECAST
The moving average indicator indicates a bullish signal since the 7-day MA is seen above the 21-day indicator in the last 3 hrs thus confirming a bullish momentum in the next few hours.
Tron (TRX-USD)
Just like XLM and ADA, TRX is also trading on a ranging market. This has been buttressed by the intertwining moving averages. The famous crypto began the day trading at $0.035260 with a percentage increase of 1.39% against the current price of $0.034863. This was later followed by a breakdown that dips the price momentum to a low of 0.032887.
A short period of consolidation is seen at around 18:00 to 22:00, June 4 reflecting luck of momentum in the market. A breakout followed that shifted price momentum up to close at a high of 0.034116. A sideways price movement is then encountered placing resistance level at $0.035132 and support level at $0.0345294. The RSI, therefore, reflect strong buying pressure during the last few hours.
FORECAST
An upward price rally is likely to be seen due to the 7 day MA is above the 21 day MA. A stop-loss should be set below $0.034860 in case of a breakdown.
