Today, against the background of market neutral trades, the bulls in Cardano and Stellar take revenge after a five-day flat.
EOS / USD
At the time of the market review, the EOS token is listed at $ 3.7700 within the main price range of $ 3.7424-4.0115. It should be noted that the boundaries of the range are formed by the key resistance levels R1 and R3, respectively. The EOS / USD pair is trading in the designated range after the March 5 rally.
A long haul in the horizontal channel allowed the bears to consolidate large volumes of sales, as a result of which the boundaries of the range were narrowed. Today's testing of sales resistance at a key level of $ 3.8490 confirms the strengthening position of token sellers.
The data of technical indicators also point to the situational advantage of players for a lowering of the EOS / USD rate: the current price of the coin rolls back from the key level and is under pressure from the short moving average with a value of $ 3.7927, the RSI14 indicator line is directed downwards at the intersection with the neutral level 50.
Given the nature of the price movement of the last 24 hours, we believe that the bulls will form a strong enough support to keep the cryptocurrency price above $ 3.7424. Until the completion of the current trading, EOS will trade in a horizontal direction within the limits of the levels of R1 and R2.
XLM / USD
The price of Stellar only at the opening of the trading session of the previous day overcame the sales resistance at the level of the reversal of the short-term trend of $ 0.0877.
An analysis of the four-hour chart shows that significant volumes of XLM / USD sales were concentrated in a narrow range of $ 0.0877-0.0900 and, after their absorption, during the current session, the bulls developed the growth of the currency pair, having overcome the resistance on the first key indicator relatively easily. level of $ 0.0936.
At the time of market analysis, Stellar is quoted at $ 0.0914 with a price reduction from a session high of $ 0.0940. The short moving average EMA14 provides support for the pair quotes, the indicator line is directed upwards.
The values of the relative strength index are in the area of active purchases, above level 60 on the indicator chart, the RSI14 line is directed downwards, which confirms the beginning of the correction phase of the short-term ascending wave.
It is expected that before the end of the current trading session, the bulls will consolidate above the key level of $ 0.0913 calculated by Fibonacci for the four-hour XLM / USD chart.
ADA / USD
During the current trading session, Cardano showed a maximum gain of 11.77% against the opening price of current trading of $ 0.0422. The session maximum of the ADA / USD pair was fixed at $ 0.0467.
At the time of analyzing the market situation, the pair quotes are adjusted at the level of $ 0.0451. The coin price is supported by the moving average EMA14.
The values of the relative strength index are high in the area of purchases, the indicator line crosses the overbought area from top to bottom, which against the background of the price rebound from the local support level of $ 0.0450 indicates a high probability of the end of the correction and continued price growth.
We believe that before the end of the trading session, the bulls will make an attempt to gain a foothold above the key resistance level of $ 0.0457.
Trading recommendations are not a guide to action. Following the recommendations, you assume the associated risk of loss of funds.
.
