Recently, altcoins have been showing strength as the price of Bitcoin (BTC) has just broken a key resistance level . Remarkably, ChainLink ( LINK ) and Tezos ( XTZ ) have been up over 150% in the past month.
However, in the past week, Stellar Lumens ( XLM ) has been going up, while the XRP price is also starting to look stronger on the charts . Can we expect substantial altcoin moves in the coming weeks? Let's take a look at the charts.
Daily performance of the cryptocurrency market. Source: Coin360
USDT pair presents crucial level for XRP
12-hour XRP / USDT pair chart. Source: TradingView
The 12-hour chart shows a promising support / resistance turn from the $ 0.1775 zone. The fall of Black Thursday was also devastating for XRP holders as the price fell below the $ 0.12 level for a few hours.
Since then, however, the price of XRP has been rising through substantial support / resistance changes. Recent movements show that the crucial area of $ 0.1775 remains as support and is preparing for more benefits for XRP.
The main resistance level 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 to $ 0.2475 and possibly $ 0.2775.
XRP maintains the final support level for any bullish outlook
2-day chart for the XRP / USD pair. Source: TradingView
The 2-day chart shows a significant support level of around $ 0.145, which had to hold to maintain positive momentum. However, the graph also shows that the trend continues to be substantially downward, given the lowest lows and highs .
However, by maintaining the support level at $ 0.145, a possible test of the high range can be performed, which is in the area of $ 0.328-0.33.
Surprisingly, in the past cycle of 2015-2017, a similar move occurred where the XRP price completely retreated to support levels before a massive surge. This support area was maintained, after which accumulation began, resulting in a massive breakout to $ 3 in January 2018.
The current price action is also starting to look similar, although it took longer to back down. But that's normal as markets mature and therefore need more time to hit bottom and start a new cycle.
A test of the $ 0.33 area would confirm a build-up and side range as the signs are starting to improve .
BTC pair returns to crucial level in support
1-day chart for the XRP / BTC pair. Source: TradingView
The XRP daily chart lost an essential level previously 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 (depending largely on any substantial volatile movement of Bitcoin ( BTC ) suggests that further upside momentum can be expected for the price of XRP. At the same time, the price of XRP should rise as high as possible. to keep the momentum going.
For that, support at 0.00002500-0.00002525 satoshis must be maintained for support, after which resistance levels will be assessed. The first resistance levels to consider are 0.00002890-0.00002925 satoshis and 0.00003300-0.00003350 satoshis.
The main bullish signal would be a clear breakout of this range above 0.00003800 satoshis, but that is still a long way from the current XRP price.
XLM leads XRP in recent moves with a 28% increase
1-day XLM / BTC pair chart. Source: TradingView
The Stellar Lumens ( XLM ) graph shows a clear range between 0.00000560-0.00000590 satoshis and 0.00000840-0.00000950 satoshis. This range has been providing resistance and support for ten months when the price moved to these areas in July 2019.
However, recently, XLM has been showing strength as the XLM price rose 28% in the past four days. Not only that, but the XLM's price is also trying to break the resistance of the range, which is a crucial signal for an XRP-like boost.
An apparent advance in satoshis level 0.00000850-0.00000935 would create further upward momentum, targeting the next resistance zone at 0.00001400 satoshis. Other than that, breaking the 0.00000835 satoshis level would result in the highest first maximum in over eighteen months.
But if the XLM price can't break resistance at once, the new tests will be crucial to see if buyers are stepping in.
1-day XLM / BTC pair chart. Source: TradingView
The chart provides clear levels to see if the XLM price can't break through the resistance area on the first try, which seems likely.
Since there has been such a massive pump, support levels can be found substantially lower on the chart. The main levels for seeking assistance are 0.00000718-0.00000722 satoshis and 0.00000680-0.00000685 satoshis.
If either of these levels provides support, then buyers will likely step in. Such a move should justify further upside momentum.
1-day XLM / USDT pair chart. Source: TradingView
Meanwhile, the USDT chart for Stellar Lumens shows a clear breakdown of the resistance level at $ 0.054 . This breakout led to a significant price increase as the XLM price rebounded to $ 0.065.
This move grants a 155% increase from the low on March 12, also known as Black Thursday . However, is the rally over for now? No, because after such a breakout and rise the declines will likely buy due to the current uptrend.
A new apparent test of the previous resistance level at $ 0.054 would provide the most likely entry for traders to step in. Resistance levels are significantly higher , with the first level at $ 0.074 and the second at $ 0.08.
However, if this momentum fails to maintain the $ 0.054 support level, further downside testing is likely . The primary level to consider will be the USD 0.04-0.043 zone.
The views and opinions expressed here are solely those of the author and do not necessarily reflect Cointelegraph's views. Every investment and trade move involves risk, you must conduct your own research when making a decision.
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