Altcoin Prices Go Down as Buying Opportunity Presents Itself – Crypto Price Analysis 6th April 2020
The digital currencies in crypto markets are getting close to their respective minimum in some regions. The surge in prices is emerging from regions that have the altcoins which are pushing them in an upward trend and if it continues this way, they will breach initial resistance, a report has said
XLM/USD Major Trend: Bearish
Stellar is currently moving between $0.0035 and $0.0045 after its latest breakdown on March 12 and before that, the market has witnessed a sideways movement of the coin since July 2019. The bulls have not been able to break free and trade above the $0.0900 resistance that was predicted since the sideways trend was established. In February, the bulls tried but ended up not breaking the resistance even though it was predicted to break it then. Buyers were stopped from trading and investing and the coin resumed a downward trend. The market went to as low as $0.03254 and came up to a little bit above $0.035. This upward movement is currently facing resistance at $0.045 and if a break happens, the XLM will resume trading at a high. If the XLM breaks resistance, it is expected to trade at $0.050 or $0.060.
XMR/USD Major Trend: Bearish
After the last bearish impulse recorded on March 12, Monero is currently on an upward trend. The bulls were reported to have broken the resistance of the descending channel. As a result of this, there would be a change in the trend of the digital asset. Monero is facing an unfortunate resistance at $55 and if that current resistance is overcome, it could move up as high as $65. However, Moneros daily stochastic level is reported to be above 88%. This simply suggests that Monero is currently in an overbought state in the market and sellers are making it worse by pushing the coin further downward in the crypto market. If the overbought region is taken into consideration, Monero could drop as low as $50.
XTZ/USD Major Trend: Bearish
The last breakdown recorded on March 12 saw Tezos move between $1.40 and $1.80. The asset has been unable to break free of the $1.80 resistance after so many attempts. If Tezos eventually breaks through the resistance, it will then trade at a new high of $2.40. Nevertheless, buyers are moving towards the resistance of the downward movement of the asset and a positive movement would trigger a movement in the upward trend. The daily stochastic places Tezos at 50% which indicates that its movement is on an upward trend.
MKR/USD Major Trend: Bearish
As a result of the breakdown recorded on March 12, Maker is currently in a bear market and it sits at $400. Even though the coin traded on a sideways trend, it broke the lower resistance when it moved below the $200 mark. After it’s movement below the $200 mark, it has since made an upward movement and it has its resistance set at $360. A break above $360 will move Maker back to its normal trade zone. MKR is at level 45 of the RSI and would look to move towards the centerline at 50.
BNB/USD Major Trend: Bearish
Binance coin is currently in a bearish market and dropped as low as $6.41 at the last bearish impulse. The coin currently is currently making an upward trend towards the $8 support. Binance coin is expected to trade at $17.50 if the bulls break resistance at $14 or $15. BNB is currently approaching an overbought region with its daily stochastic level projected at a little above 60%.
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