Altcoins Weekly Analysis – NEO, Stellar’s Lumen and Monero – 23/12/18

The majors kick off the week in positive territory, supported by momentum from the previous week, upward momentum in the early part of the week needed to deliver a 2nd consecutive week of gains.
altcoins

NEO

NEO rallied by 27.62% Sunday through Saturday, reversing the previous week’s 6.07% fall with interest, to close out the week at $7.30.

A material shift in sentiment across the broader market supported a particularly bullish start to the week, with NEO breaking through the week’s first major resistance level at $6.71 on Monday before striking a week high $7.69 on Friday, NEO coming up against the week’s second major resistance level at $7.70 before easing back.

For the crypto bulls, 5 days in the green out of 7 saw NEO steer well clear of the week’s first major support level at $5.12, with NEO seeing only its 4th weekly gain of the 4th quarter.

For the week ahead, another bullish start to the week could deliver another weekly gain, with NEO needing to hold onto $7.00 levels through the early part of the week to support the latest shift in momentum.

A move through to last week’s $7.69 high would bring $8.00 levels and the first major resistance level at $8.09 into play, with positive sentiment across the broader market needed for NEO to take a run at the second major resistance level at $8.89 and $9.00 levels later in the week.

Failure to hold onto $7.00 levels through the early part of the week will likely lead to a partial reversal of last week’s gains, with NEO likely to call on support at the first major support level at $6.10 before any recovery, heavier losses not expected in the week.

At the time of writing, NEO was up 3.3% to $7.54.

Monero’s XMR

Monero’s XMR jumped by 33.32% in the week Sunday through Saturday, reversing the previous week’s 13.19% slide, to end the week at $51.41.

Recovering from a bearish start to the week and a week low $38.35, Monero’s XMR rallied to a week high $55.45 on Friday before easing back, the bullish run through the week seeing Monero’s XMR break through the first major resistance level at $47.81 late in the week, while leaving the week’s first major support level at $33.18 untested.

For the week ahead, a hold onto $50 levels through the early part of the week would support a run through last week’s $55.45 high to bring the week’s first major resistance level at $58.5 into play before any pullback, resistance at $60 likely to pin Monero’s XMR back from any run at the second major resistance level at $65.5.

Failure to hold onto $50 levels through the early part of the week could see Monero’s XMR cough up some of last week’s gains, with a fall through to $48 levels signalling a possible pullback to $41 levels and the first major support level at $41.4 before any recovery, sub-$40 support levels unlikely to be tested in the week.

At the time of writing, Monero’s XMR was up 4.07% to $53.50.

Stellar’s Lumen

Stellar’s Lumen rallied by 28.6% Sunday through Saturday, reversing a 19.25% slide in the previous week, to end the week at $0.12439.

A bullish start to the week saw Stellar’s Lumen break through to $0.11 levels, with positive sentiment across the broader market supporting a break through the first major resistance level at $0.1196 to a week high $0.12834 on Friday before easing back.

The moves through the week saw Stellar’s Lumen steer well clear of the first major resistance level at $0.0837, while Stellar’s Lumen also fell short of the 23.6% FIB of $0.1434 to leave the near-term bearish trend intact following 15th December’s swing lo $0.09353.

For the week ahead, a hold onto $0.12 levels through the early part of the week would support another positive week ahead, with a move through last week’s high $0.12834 bringing $0.13 levels and the first major resistance level at $0.1363 into play. Positive sentiment across the broader market through the week could see Stellar’s Lumen break through to $0.14 levels to bring the second major resistance level at $0.1483 into play before any pullback.

Failure to hold onto $0.12 levels through the early part of the week could see Stellar’s Lumen fall back through to $0.10 levels to call on support at the first major support level at $0.1045 before recovering, sub-$0.10 support levels unlikely to be in play through the week, barring a broad based cryptomarket sell-off.

At the time of writing, Stellar’s Lumen was up 2.9% to $0.1280.

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