The analysis of top crypto performers that have been providing some relief to the cryptocurrency sphere in the previous seven (7) days are covered for the traders. This is however not a piece of trading advice but rather the overview of the top performers.
Would they be able to build on gains? Or are they going to fizzle out after rising? Let’s figure this out.
Top crypto performers – XLM/USD
At the beginning of the week, Stellar (XLM) experienced a surge. This movement pushed it into the list of top-ten digital currencies by market capitalization. Nonetheless, it could not hold on to the gains corrected a huge part of the intra-wee rally. The total gains in these seven days dropped by up to eighteen percent.
The XLM/USD pair has been making the yearly lows for the last five weeks. Nevertheless, a sharp rally pushed the price back to the previous support-turned-resistance of $0.072545 this week.
This upward movement met with a roadblock at the twentieth week (20TH) EMA and XLM/USD have given the gains back quickly.
Top crypto performers – IOTA/USD
IOTA announced a permanode solution Chronicles that would enable the node owners to secure the data on Tangle and keep uninterrupted access to it. The Iota Foundation launched Industry Marketplace, a platform to speed up the process of industrial automation and commercial machine interaction.
The IOTA/USD got hold of a critical support zone of $0.244553-$0.207622 for the last five weeks. The bearish trend failed to break below this range and showed buying at low levels. The rally this week is facing resistance at 20-week EMA.
The RSI is right under the midpoint showing a balance between the sellers and buyers. If the bullish trend could scale the price above moving averages, then a rally at $0.385033 is likely possible. Breaking out of this resistance could result in a move to $0.5410.
Top crypto performers – ETH/USD
The queen of cryptocurrency Ethereum (ETH) is back in the top crypto performers. The ETH/USD pair’s recovery broke at well above the 20-week EMA; however; it is facing resistance near two hundred and thirty-five dollars ($235.70) mark. Breakout of this resistance could carry the price up to three hundred and twenty dollars mark ($320.84).
As mentioned by Cryptopolitan.com before if the bullish trend successfully breaks out of the three hundred and twenty dollars mark ($320.84), it could complete the bullish cup and would handle the pattern that will indicate the beginning of the latest uptrend.