Altcoins Weekly Analysis – ADA, XLM and XMR – 13/01/19

A cryptomarket meltdown slammed the majors on Thursday, with the week ahead likely to test investor nerves, which could limit any gains in the week.
Altcoins

Cardano’s ADA

Cardano’s ADA fell by 3% in the week ending 12th January, partially reversing a 6.86% gain from the week before, to end the week at $0.04428.

A relatively bullish start to the week saw Cardano’s ADA rise through to an early Thursday morning intraweek high $0.0561, breaking through the first major resistance level at $0.0485 and second major resistance level at $0.0513 before getting hit by a cryptomarket meltdown on Thursday morning.

The reversal saw Cardano’s ADA slide to an intraweek low $0.04292, with Cardano’s ADA managing to hold above the week’s first major support level at $0.0418 before finding support to close out at $0.045 levels on the day.

The extended bearish trend, formed at early May’s swing hi $0.38845, remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7th December’s new swing lo $0.02724 and 4 consecutive days in the red through the week.

For the week ahead, a move through to $0.0480 levels would support a move back through to $0.050 levels to bring the week’s first major resistance level at $0.0526 into play, with last week’s high $0.0561 likely to pin Cardano’s ADA back from any run at $0.060 levels and the week’s second major resistance level at $0.0609.

Failure to move through to $0.0480 levels in the early part of the week could see Cardano’s ADA hit reverse, with a fall through last week’s low $0.04292 bringing the week’s first major support level at $0.0394 into play before any recovery, heavier losses to bring the week’s second major resistance level at $0.0346 unlikely barring another broad based crypto sell-off.

At the time of writing, Cardano’s ADA was flat at $0.044278.

Monero’s XMR

Monero’s XMR slid by 9.59% in the week ending 12th January, reversing the previous week’s 5.45% gain with interest, to end the week at $44.52.

A particularly bearish start to the week set the tone for Monero’s XMR, with Monero’s XMR falling from a start of a week intraweek high $55.37 to a Thursday intraweek low $43.3, the reversal seeing Monero’s XMR fall through the first major support level at $44.82, while falling short off the first major resistance level at $53.5 at the start of the week.

Monero’s XMR managed to move back through to $46 levels before easing back through the first major resistance level at $44.82.

For the week ahead, a move through to $48 levels would be needed to bring $50 levels and the week’s first major resistance level at $52.16 into play before any pullback, last week’s high $55.37 likely to pin Monero’s XMR back from a run at the week’s second major resistance level at $59.8 and $60 levels.

Failure to move back through to $48 levels could see Monero’s XMR hit reverse, with a fall through last week’s low $43.3 likely to bring the week’s first major support level at $40.09 into play before any recovery, sub-$40 support levels unlikely to be in play barring a broad based crypto sell-off.

At the time of writing, Monero’s XMR was up 0.47% to $44.73.

Stellar’s Lumen

Stellar’s Lumen fell by 6.73% in the week ending 12th January, following on from a 4.13% slide the previous week, to end the week at $0.10816.

Bullish through the first half of the week, Stellar’s Lumen broke through the first major resistance level at $0.1219 to strike an early Thursday morning high $0.13222 before getting hit by a cryptomarket sell-off on Thursday morning.

The Thursday reversal saw Stellar’s Lumen slide through the first major support level at $0.1107 and second major support level at $0.1062 to an intraweek low $0.10558 before recovering to $0.11 levels on the day.

Stellar’s Lumen fell back through the first major support level at $0.1107 on Friday to close out the week at sub-$0.11 levels.

For the week ahead, a move through $0.1153 would support a run at the first major resistance level at $0.1251, with a broad based crypto recovery bringing last week’s $0.13222 high into play before any pullback, the week’s second major resistance level at $0.1420 unlikely to be in play through the week.

Failure to move through to $0.1150 levels could see Stellar’s Lumen slide back through last week’s low $0.10558 to bring sub-$0.10 levels and the week’s first major support level at $0.0984 into play before any recovery, heavier losses not expected barring another crypto meltdown.

At the time of writing, Stellar’s Lumen was up 3.54% at $0.11199.

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