With the fate of the global cryptocurrency market resting on Bitcoin’s recovery, altcoins such as Stellar Lumens, Cosmos, and THETA registered bullish movements after the king coin looked to reclaim $38,000. However, gains for the aforementioned alts would likely be restricted under key levels till BTC breaks north of $42,000.
Lumeni stelari [XLM]
Stellar Network’s successful upgrade to protocolul 17 on 1 June saw its native cryptocurrency XLM register gains of 4%, but the cryptocurrency found itself in muddy waters on the back of yesterday’s broader market correction. On the 4-hour chart, its price slipped below the $0.403-support, but it attempted to claw back lost ground at the time of writing.
Flipping $0.403 back to support could push XLM up to the $0.407-resistance, but gains would likely be restricted below the next ceiling at $0.56. Retaking the area above $0.56 could trigger a price rally, but such movement would require stronger cues from the broader market.
RSI climbed back above 50 as the market’s bulls attempted to take control of the market. However, a weakening ADX pointed to a declining trend and some sideways movement.
Cosmos [ATOM]
Cosmos successfully defended its 23.6% Fibonacci level from a breakdown as buyers returned to the market. A strong resistance zone lay at the 38.2% level ($17.6) and short-term gains would likely be limited over the coming sessions. In the event of a breakout, bulls would look to target a move above the 50% level around $2.5.
Benzile Bollinger have highlighted low volatility since the 19 May crash. This situation would likely continue in the ATOM market till Bitcoin reclaims $42,000. Finally, the MACD neared in on a bullish crossover as control switched back to the buyers.
THETA
THETA rally has been quite impressive since its bounceback from the $6-support. Steady gains pushed the crypto-asset above the $8.24-resistance – A region that was also successfully defended from yesterday’s pullback. Back to a piață taur, THETA eyed a hike above $10 but sellers would likely return around the $11-mark. However, a breakout could extend gains for THETA up to $12.
RSI eyed the overbought region once again but this also suggested that a correction was due in the market. Defending $10 from a breakdown could see some sideways movement as bulls would prepare for the next leg upwards. A breakdown could be countered at the newly flipped $8.24 line. According to the Strângeți indicatorul de impuls, bullish momentum has been declining over the past few sessions as a reset was in order.
Source: https://ambcrypto.com/stellar-lumens-cosmos-theta-price-analysis-05-june/
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