Recently Altcoins have shown strength as the price of Bitcoin (BTC) has just passed an important level of resistance. Remarkably, ChainLink (LINK) and Tezos (XTZ) rose over 150% in the past month.
In the past week, however Stellar Lumens (XLM) has risen while the XRP price in the charts is also starting to get stronger.. Can we expect significant altcoin movements in the coming weeks? Let’s take a look at the diagrams.
Daily performance of the cryptocurrency market. Source: Coin360
The USDT pair offers a crucial level for XRP
12-hour XRP / USDT pair table. Source: TradingView
The 12-hour chart shows a promising turn of support / resistance from the $ 0.1775 zone. Black Thursday’s fall was also devastating for XRP holders when the price dropped below the $ 0.12 level for a few hours.
Since then, however, the price of XRP has risen due to significant changes in support / resistance. Recent moves show that the key range of $ 0.1775 continues to support and prepare for further benefits for XRP.
The main level of resistance to break the XRP price would be the red zone between USD 0.2025-0.2125. A breakout of this level would likely push the price down to $ 0.2475 and possibly $ 0.2775.
XRP maintains the final level of support for an optimistic outlook
2-day chart for the XRP / USD pair. Source: TradingView
The 2-day chart shows a significant support level of around $ 0.145 that had to be maintained to maintain positive momentum. The The graph also shows that the trend continues to go down significantly given lower lows and highs.
However, by maintaining the support level at $ 0.145, a possible high range test can be performed, which is in the range of $ 0.328 to $ 0.33.
Surprisingly, there was a similar move in the past cycle from 2015 to 2017, in which the XRP price dropped entirely back to support levels before a massive surge. This support area was maintained, whereupon accumulation began, leading to a massive breakout to $ 3 in January 2018.
The current price movement also looks similar, although it took a longer time to decrease. However, this is normal as the markets mature and therefore take more time to bottom and start a new cycle.
A test of the $ 0.33 range would confirm a build and lateral reach as the signs gradually improve.
The BTC pair returns to the critical level for support
1-day chart for the XRP / BTC pair. Source: TradingView
The XRP daily chart previously lost a substantial level at 0.00002500-0.00002525 Satoshis. Within a few days, the XRP price recovered to the level and is currently testing it as support.
Confirmation of this level as support (largely dependent on a significant volatile Bitcoin (BTC) movement) suggests that further upward momentum is expected for the price of XRP. At the same time, the price of XRP should go as high as possible. to keep the momentum going.
To do this, support at 0.00002500-0.00002525 Satoshis for support must be maintained, after which resistance levels will be assessed. The first resistance levels to be considered are 0.00002890-0.00002925 Satoshis and 0.00003300-0.00003350 Satoshis.
The main bullish signal would be a significant breakout of this range above 0.00003800 Satoshis, but that’s still far from the current XRP price.
XLM leads XRP on the final moves with an increase of 28%
1-day XLM / BTC pair table. Source: TradingView
The XLM diagram (Stellar Lumens) shows a clear range between 0.00000560-0.00000590 Satoshis and 0.00000840-0.00000950 Satoshis. This range has been offering resistance and support for ten months when the price moved to these areas in July 2019.
Lately, however, XLM has shown strength as the XLM price has increased 28% in the past four days. Not only that, the price of the XLM tries to break the resistance of the area, which is a crucial signal for an XRP-like boost.
An obvious rise in the Satoshis level 0.00000850-0.00000935 would create further upward momentum and target the next resistance zone at 0.00001400 Satoshis. That being said, breaking the Satoshis level of 0.00000835 would be the highest first maximum in over eighteen months.
If the XLM price can’t immediately break the resistance, the new tests are crucial to determine if buyers step in.
1-day XLM / BTC pair table. Source: TradingView
The graph provides clear values to see if the XLM price can’t break the resistance range on the first try, which is likely.
Since there was such a massive pump, the support levels in the table are much lower. The main levels for seeking support are 0.00000718-0.00000722 Satoshis and 0.00000680-0.00000685 Satoshis.
If any of these levels provide support, buyers are likely to intervene. Such a move should justify further upward momentum.
1-day XLM / USDT pair table. Source: TradingView
Meanwhile, the USDT chart is for Stellar Lumens shows a clear breakdown of the resistance level at $ 0.054. This breakout led to a significant price increase when the XLM price rose to $ 0.065.
This move grants a 155% increase over the March 12 low, also known as Black Thursday. However Is the rally over for now? No, because after such a breakout and surge, the declines are likely to buy due to the current upward trend.
A new obvious test of the previous resistance level at $ 0.054 would be the most likely entry for traders. The resistance levels are significantly higherThe first is at $ 0.074 and the second at $ 0.08.
However If this momentum does not maintain the $ 0.054 support level, further downside tests are likely. The primary level to consider is zone USD 0.04-0.043.
The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.
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