Most of the cryptocurrencies in the top 100 altcoins are currently hovering in the green. However, technical charts of altcoin prices show that most of the cryptos are still below the main support levels. Losses are deep after the huge crypto market correction in the last one week. Altcoin price recovery is still a tall order.
Altcoin Price – What’s going on Currently?
ALT100 index, at press time, is up by 2.23%. In the top 100 cryptocurrency list, 89% of the altcoins are in the green. It seems a rebound is taking place. However, the gains will be short-lived if the altcoin prices can’t break above the key resistance.
Technical Analysis Roundup of Key Altcoin Prices
In today’s technical analysis roundup of altcoins, the following cryptocurrency-Fiat Currency pairs will be discussed –
- XLM/USD (Stellar-US Dollar)
- ADA/USD (Cardano-US Dollar)
- EOS/USD (EOS-US Dollar)
Stellar is a resilient cryptocurrency, just like Ripple (XRP). With more and more investors expecting its Coinbase listing anytime soon, it has been able to soak the market shocks. Since last week, XLM-USD pair is down by around 24%. However, in the last 24 hours, XLM/USD is up by 2% and trading above 15 cents.
It’s currently trading at 0.20271, where 20 cents is acting as strong support. November 14 low at 22 cents will also act as a strong resistance area. Losses can be expected if Stellar price closes below 15 cents. Once the price is above 15 cents, the aggressive buyers can buy with 30 cents as the target. However, the support level hints at underlying bull momentum. Significant gains are expected above the 30 cents level.
As the market is in a volatile condition, it’s suggested that a wait-and-watch approach can be followed till there’s a breakout in any single direction.
ADA/USD price is still in an unconvincing area. When seen at the lower time frame, Cardano price is stable. However, in the weekly time frame, it’s showing a huge loss. After the November 19 crypto market meltdown, Cardano-US Dollar price is trading at new lows. If you are tempted to leave at spot prices, refrain from doing so. A potential price expansion may take place towards the 5.3-6 cents zone as a Doji Bar can be seen in yesterday’s chart. Some fundamentally good news is there for the Cardano traders. IOHK is reportedly planning to register in Wyoming as a US company.
EOS is among those few altcoins whose price seems to be stable in the last day. However, the technical chart shows a bearish pattern developing. There are high chances of double-digit breakout downwards, thereby breaking important supports. In fact, these breakouts are accompanied by high volumes. Losses can be expected in the coming days.
Yesterday, EOS/USD pair closed below US$4 support level. Therefore, sellers may unload at spot prices. Traders are recommended to sell at spot prices by keeping US$4.2 (November 20 high) as a potential stop. The first targets in such a scenario will be US$1.5.
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