Altcoins Weekly Analysis – EOS, ETH and XLM – 05/05/19

The positive start to the quarter continues, in spite of a buck-trending reversal by Stellar’s Lumen. Key levels will be needed early to deliver more upside.
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EOS

EOS rallied by 6.98% in the week ending 4th May. Partially reversing an 11.54% slide from the previous week, EOS ended the week at $5.179.

Another bearish start to the week saw EOS fall from a Sunday high $4.9698 to a Monday intraweek low $4.61.

The early in the week sell-off saw EOS hold above the first major support level at $4.4165.

Finding support from the broader market, EOS rallied to a Friday intraweek high $5.4507 before easing back. The rally saw EOS break through the week’s first major resistance level at $5.3757.

A bearish end to the week saw EOS pull back through the first major resistance level to test support at $5.00 before moving back to $5.1 levels.

For the bulls, the lion’s share of the weekly gains came from a 7.2% rally on Tuesday and Friday’s 6.1% gain.

For the week ahead,

A hold onto $5.10 levels through the early part of the week would bring the first major resistance level at $5.55 into play.

Further support from the broader market would be needed, however, for EOS, to break out from last week’s high $5.4507.

In the event of another crypto rally, EOS would likely take a run at the second major resistance level at $5.92. We would expect EOS to continue to fall short of $6.00 levels, however.

Failure to hold onto $5.10 levels could see EOS hit reverse. A fall back through to sub-$5.00 levels would bring the first major support level at $4.7091 into play.

Barring a crypto meltdown, EOS would likely steer well clear of the second major support level at $4.2392 and sub-$4.00 levels.

At the time of writing, EOS was down by 0.09% to $5.1742.

Ethereum

Ethereum rose by 3.93% in the week ending 4th May. Partially reversing a 10.41% tumble from the previous week, Ethereum ended the week at $161.85.

A bearish start to the week saw Ethereum fall from a Sunday high $156.45 to a Monday intraweek low $148.81.

Steering well clear of the week’s first major resistance level at $142.16, Ethereum rallied to a Friday intraweek high $169.26.

Falling short of $170 levels and the first major resistance level at $173.00, Ethereum eased back to $161 levels on a bearish Saturday.

For the week ahead,

A hold onto $160 levels through the early part of the week would support further upside in the week. A break back through to $165 levels would bring $170 levels into play before any pullback.

Support from the broader market would be needed, however, for Ethereum to take a run at the first major resistance level at $171.14.

Barring another broad-based crypto rally, Ethereum will likely come up short of $170 levels for a 2nd consecutive week.

Failure to hold onto $160 levels could see Ethereum slide back to $155 levels before finding support. Barring a broad-based crypto sell-off, Ethereum will likely steer clear of the first major support level at $150.69.

In the event of a crypto meltdown, Ethereum could revisit last week’s low $148.81 before any recovery.

At the time of writing, Ethereum was up 0.17% to $162.13.

Stellar’s Lumen

Stellar’s Lumen fell by 0.24% in the week ending 4th May. Following an 11.40% slump from the previous week, Stellar’s Lumen ended the week at $0.10359.

Another bearish start to the week saw Stellar’s Lumen fall from a Sunday high $0.1048 to a Monday intraweek low $0.098663.

Holding above the first major support level at $0.0928, Stellar’s Lumen recovered to a Friday intraweek high $0.10883.

Falling short of the first major resistance level at $0.1136, Stellar’s Lumen slid back on Saturday, leaving Stellar’s Lumen in the red for the week.

For the week ahead,

A hold onto $0.10370 levels through the early part of the week would support a positive week ahead. Stellar’s Lumen would need to break through $0.1060 levels to bring the first major resistance level at $0.1087 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from $0.1040 levels.

Barring a broad-based crypto rally, Stellar’s Lumen will fall short of $0.11 levels for a 2nd consecutive week. Last week’s high $0.10883 would limit any upside through the week.

Failure to hold onto $0.10370 levels could see Stellar’s Lumen hit reverse. A fall through to $0.1015 levels would bring sub-$0.10 levels into play before any recovery.

Barring a crypto meltdown, the first major support level at $0.0986 would likely limit any downside in the week. In the event of a meltdown, the second major support level at $0.0935 would come into play before any recovery.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.10374.

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