Stellar (XLM) has started the week in positive territory, erasing most of its recent losses. It is up by over 6% in the day. That’s a key indicator that buyers are slowly taking up interest in Stellar, mainly driven by Bitcoin’s resurgence, and the recent rumors that there could be a partnership between Stellar and Facebook. The possibility of a sustained bull run in the short-term is evident in the day chart. In this chart, Stellar (XLM) has formed an early bull’s pattern, with two consecutive green candles confirming that buying volumes in Stellar are on the rise. Stellar has also crossed above the 55-day moving average, and is now trading at $0.235, which is a confirmation of increased buying pressure. If this momentum sustains, there is a high chance that Stellar (XLM) could test $0.30 in the next few days.
It will mainly be supported by Bitcoin, which seems to have gained major support at $6000, and has now pushed above $6400. If bitcoin (BTC) keeps edging higher, stellar stands a good chance of pushing back to its recent highs of $0.30.
Like most altcoins, XinFin (XDCE) is on a rebound in tandem with Bitcoin (BTC)’s regained upside momentum, and is up by over 2% in the day. Intra-day volumes are on the rise too, an indicator that investors are taking advantage of the low prices, to take positions in XinFin. The rising momentum around XinFin is supported by the weekly chart where it has bounced off a long-term support level at $0.0018. In last week’s drop, XinFin (XDCE) failed to break below this support level, which means that current price levels, which are close to this support level, are an opportunity for buyers.
If buying volumes continue to increase, XinFin (XDCE) could rise to $0.0019, which is the first resistance level in intra-day trading. But this rise will be premised on the price of bitcoin. If bitcoin (BTC) continues its current push and breaks above $6500, then XinFin too stands a good chance to test $0.0019 in the next 24 hours, or at some point within the week.
XRP (XRP) has opened the week in bearish territory, having started trading at last week’s low closing of $0.30. Trading volumes are quite low too, which points to a scenario where investors are sitting on the sidelines with regards to this crypto. That’s in spite of the fact that most major altcoins have opened the week in positive territory, following bitcoin’s recent rejection of the $6000 support level. If XRP (XRP) maintains its current trajectory, then it could test the $0.22 long-term support level in the near-term.
Intra-day charts show that XRP is in a consolidation phase between $0.31 and $0.28. This means that in the next 24 hours, XRP could break out in any direction. If it breaks out on the upside, then it could test $0.36 within the day. On the flipside, if it breaks out bearish, then $0.22 is possibly the next stop.