Altcoins Weekly Analysis – ADA, EOS, and ETH – 07/04/19

It was quite a week for the cryptomarket as the bulls took control going into the 2nd quarter. The week ahead will define what lies ahead for the majors.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Cardano’s ADA

Cardano’s ADA surged by 24.18% in the week ending 7th April. Following on from a 13.58% gain the previous week, Cardano’s ADA ended the week at $0.090774.

A relatively range-bound start to the week saw Cardano’s ADA pullback to an intraweek low $0.06323.

Steering clear of the first major support level at $0.0622, Cardano’s ADA rallied to an intraday week high $0.103722. Support from the broader market kicked in, driving Cardano’s ADA through the week’s major resistance levels on Wednesday.

Through the 2nd half of the week, Cardano’s ADA eased back to sub-$0.10 levels. The pullback saw Cardano’s ADA fall through the third major resistance level at $0.1366 and second major resistance level at $0.0961.

The week’s rally gave Cardano’s ADA a 7th consecutive week in the green.

For the week ahead,

A hold above $0.0860 levels through the early part of the week would support another week in the green. A move back through $0.0950 levels would bring $0.10 levels and the first major resistance level at $0.1086 into play. Support from the broader market would be needed, however, for a breakout from $0.10 levels. Barring another crypto rally, we would expect Cardano’s ADA to fall short of the second major resistance level at $0.1264.

Failure to hold onto $0.0870 levels could see Cardano’s ADA take a hit in the week. Barring a broad-based crypto sell-off, however, we would expect Cardano’s ADA to avoid sub-$0.080 levels. In the event of a crypto sell-off, a pullback through to $0.070 levels would bring the first major support level at $0.0681 into play.

At the time of writing, Cardano’s ADA was down 0.27% to $0.090527.

EOS

EOS jumped by 27.45% in the week ending 7th April. Following on from a 13.51% rise from the previous week, EOS ended the week at $5.377.

Bullish from the start of the week, EOS rallied from a Sunday intraweek low $4.1544 to a Wednesday intraweek high $5.99.

Steering well clear of the major support levels, EOS broke through the week’s major resistance levels before easing back.

A Thursday pullback saw EOS fall through the third major resistance level at $5.8075 and second major resistance level at $4.9555 before breaking back through to $5.00 levels to hit a weekend high $5.7639.

For the week ahead,

A move through to $5.50 would support a bullish run through the week ahead. Following 2 consecutive weeks in the green, however, support from the broader market would be needed for EOS to take a run at the first major resistance level at $6.19. In the event of a crypto rally, the second major resistance level at $7.01 would likely be in play. We would expect EOS to come up short of the third major resistance level at $8.85, however.

Failure to move through $5.50 could see EOS give up some of the previous week’s gains. A pullback through to $4.60 levels would bring the first major support level at $4.36 into play. Barring a crypto meltdown, however, we would expect EOS to avoid $3.0 levels and the second major support level at $3.34.

At the time of writing, EOS was up 0.13% to $5.3839.

Ethereum

Ethereum rallied by 16.65% in the week ending 7th April. Following on from a 4.1% gain from the previous week, Ethereum ended the week at $165.79.

A bearish start to the week saw Ethereum pullback to a Monday intraweek low $138.81 before making a move.

Holding well above the first major support level at $133.35, Ethereum rallied to an intraweek high $180.1. A broad-based crypto rally on Tuesday and Wednesday delivered the upside for the week.

Ethereum broke through the week’s major resistance levels before sliding back to $150 levels on Thursday. The pullback saw Ethereum fall back through the third major resistance level at $169.09 and second major resistance level at $154.25.

Support from the broader market led to a move back through to $160 levels on Saturday.

For the week ahead,

A hold above $162 levels would support further gains through the week ahead. A move back through to $170 levels would bring last week’s high $180.1 into play. Support from the broader market would be needed for Ethereum to break through the first major resistance level at $184.32. Barring a broad-based crypto rally, we would expect Ethereum to fall short of $190 levels.

Failure to hold above $162 levels could see Ethereum hit reverse through the week. A pullback through to $154 levels would bring the first major support level at $143.03 into play. Barring a broad-based crypto sell-off, however, we would expect Ethereum to avoid sub-$140 support levels.

At the time of writing, Ethereum was down by 0.14% to $165.55.

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