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Stellar Lumens, Bitcoin Gold, FTX Token Price Analysis: 16 November

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While Bitcoin did dip briefly under $16,000, the sentiment around BTC remained strongly bullish, which is why the buyers were assertive enough to later push the price to $16,117, at press time.

Further down the crypto-ladder, Stellar Lumens saw traders take-profit upon a push past the resistance level. Bitcoin Gold was trading within a range but had good buyer interest behind it, while FTX Token could see losses in the coming days.

Stellar Lumens [XLM]

Source: XLM/USD on TradingView

Stellar Lumens formed a symmetrical triangle pattern (white), broke out strongly to the upside, and pushed past its resistance level at $0.082.

However, XLM was unable to flip the level of resistance to support and the price was pushed back towards the support at $0.079.

The RSI also fell under 50 to denote a switch to bearish momentum on the charts. In fact, the past few weeks have seen XLM post sudden surges, then retrace most of the move, before surging north again.

If the pattern is followed further, XLM might see more losses in the coming days to find support around $0.075.

Bitcoin Gold [BTG]

Source: BTG/USDT on TradingView

Bitcoin Gold was trading within a rectangle pattern (white) under the resistance at $7.7. The OBV, over the past two weeks, has been rising, highlighting growing buy volume (orange) in the market.

This healthy buyer interest in the short-term could push the price upwards, past its resistance, leading to a breakout to the upside of the rectangle.

A close below $7.15 for BTG could take the price to the support at $6.74.

FTX Token [FTT]

Source: FTT/USD on TradingView

The 20 and 50 SMA (white and yellow respectively) were moving above the price. FTT was trading under the resistance at $3.66. The Awesome Oscillator also showed that bearish momentum was building for the token.

Taken together, this was a bearish scenario for FTT. It can be expected to find resistance from the moving averages, making it likely that the coin would be forced lower in the coming days.

This month, FTT has defended the support at $3.34 strongly and moved upwards to claim the level of resistance at $3.66 as support. The loss of the same was a sign of rising bearish pressure in the market.

Source: https://eng.ambcrypto.com/stellar-lumens-bitcoin-gold-ftx-token-price-analysis-16-november/

Amb Crypto

Stellar Lumens Price Analysis: 24 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Stellar Lumens had neutral momentum in the market over the past two days, and only in the last few hours did the coin see a shift in momentum in favor of the bulls. This shift in sentiment indicated a move to the upside for XLM.

EOS 1-hour chart

Source: XLM/USD on TradingView

Since the first week of January, XLM has been trading within a range from $0.233 to $0.313. On the hourly chart, levels associated with this range have become important due to the timeframe of the price action.

The 50% level of the range, $0.271, is the most important level within the range – a rejection at, or an ascent above, is a good indication of market sentiment. Stellar Lumens showed some strength as it rose above the mid-point of the range it was trading in.

Reasoning

The RSI, which had been choppy about the neutral 50 value, rose above it to denote short-term bullish momentum. The MACD formed a bullish crossover as well and climbed above the zero line.

The Bollinger bands’ width indicator reached a low on the 24th and has increased ever since to show that volatility was slowly rising.

The trading volume also saw a slight uptick as the price rose above the mid-point. Taken together, the indicators all showed that a move upward was likely for XLM. Generally, bulls claiming the mid-point will result in bulls driving the price upward to test the range highs.

A retest of the same level would offer an ideal entry to a long position while slipping beneath this level would invalidate bullish strength.

Important Levels

Entry: $0.271

Exit: $0.31

Stop-loss: $0.26

Risk-to-reward: 3.55

Conclusion

A retest would be an ideal long position entry. The $0.29 level could offer some resistance to XLM and would be a place to take some profits at. Losing the mid-point of the range will not only invalidate this notion but also indicate that a move to the range lows was on the table.

Source: https://ambcrypto.com/stellar-lumens-price-analysis-24-january/

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Ethereum, Aave, Algorand Price Analysis: 24 January

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Ethereum rose above $1250 and was trading at $1326 with the likelihood of testing $1440 on the back of demand from buyers. Aave continued to surge and targeted $260, and Algorand broke above an important region of supply and looked to flip that region into one of demand.

Ethereum [ETH]

Source: ETH/USD on TradingView

ETH closed beneath the ascending channel but this reversal pattern did not see the coin revisit the base of the channel. Rather, it reached a low of $1039 and bounced back strongly over the past few days.

The OBV made a series of higher lows to denote strong buyer interest even though ETH’s dip of around 25% over the course of three days. The Awesome Oscillator formed a bullish twin peak set up to generate a buy signal.

ETH rose past the $1220-$1270 region that has provided liquidity in the past. This ascent could see the price make another attempt at the $1440 local highs.

Aave [AAVE]

Source: AAVE/USDT on TradingView

Using the Fibonacci retracement tool, and its 27% extension level, a target of $260 was set for the bulls in the short-term. Momentum was strongly in favor of the bulls.

However, the Stochastic RSI was in the overbought territory, while the RSI too was on the verge of going above the 70 value. This does not indicate a reversal, rather it shows that a pullback can materialize. A Doji candlestick on heavy trading volume would give an early sign that the market sentiment was beginning to shift in the short-term.

Algorand [ALGO]

Source: ALGO/USD on TradingView

ALGO rose above the $0.54-$0.56 pocket of liquidity, a sign of bullish strength. The MACD showed strong bullish momentum, while the trading volume was also above average.

The next level of resistance lies at $0.63. Bulls will seek to defend the highlighted region from bearish pressure, failing which a level of support lies at $0.5.

A week ago, ALGO formed local highs at $0.6 but was unable to stay there. A repeat of that situation would see a double top form for ALGO- subsequent drops beneath $0.54 could be hard to recover from for the bulls.

Source: https://ambcrypto.com/ethereum-aave-algorand-price-analysis-24-january/

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Stellar Lumens, Cosmos, Zcash Price Analysis: 23 January

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After Bitcoin forfeited the $33,000-mark, altcoins such as Stellar Lumens, Cosmos, and Zcash moved within a range and awaited further signals from the market leader to make a stronger move on the charts.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens moved within the tight channel of $0.28 and $0.26 as trading volumes remained subdued over the last few days. The 20-SMA and 50-SMA highlighted some points of resistance as the candlesticks remained below the two moving averages. A bullish rally in the broader market could determine the price action over the next few trading sessions, otherwise, XLM could trade within its present channel.

The Awesome Oscillator was bearish-neutral as the red bars remained below equilibrium.

The Chaikin Money Flow showed that despite capital inflows, the price was unable to break above its press time resistance.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

At the time of writing, ATOM was trading close to its support line at $8.12 after a bit of to and fro movement over the last few trading sessions. It was unclear whether the bulls could maintain the price above its support level as subdued trading volume prevented a rise on the charts. A bearish scenario could see the price lose out on the $8.12-level and move lower to $7.1. The indicators were largely neutral, and the path forward for ATOM could rely on strong cues from the broader market.

The Relative Strength Index remained neutral and stabilized just around 50.

The MACD slightly favored the bears as the bars on the histogram were moving towards the half-line.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Although Zcash seemed bullish at the time of writing, the resistance at $89.9 halted a further rise on the charts. A bit of sideways movement can be expected moving forward as buyers remained subdued in the market. In case of a fall, the bulls could hold on to the $81.08-support level.

The candlesticks moved within the Signal line and the lower band of the Bollinger Bands and can be expected to continue this trajectory, unless there is a drastic move in market leaders BTC and ETH.

The On Balance Volume dipped and moved flatly as the price fell below the $89.94-resistance. The price might trade below its press time support if the OBV fails to pick up.

Source: https://ambcrypto.com/stellar-lumens-cosmos-zcash-price-analysis-23-january/

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Why has Bitcoin’s brief recovery not been enough

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Bitcoin’s price bounced back on the charts after undergoing yet another price correction, with the same settling above the $32,000-price level, at press time. In fact, after seeing its value fall by over 15 percent on the 20th of January, the coin was on its way to breach its immediate resistances at the $33,000 and $34,000-levels.

In the past, Bitcoin has been troubled by minor corrections on the charts after falling from the ATH it set around the $42k-level. However, Bitcoin returning to claim a position above $35k, for example, might be a clear sign that the bulls are back in control. This raises the question – In the short-term market for Bitcoin, how probable is such a scenario?

Given the cryptocurrency’s overall market sentiment, traders may have to wait a while before the $35k-price level is claimed. In the long term, given Bitcoin’s scarcity and the fact that it has in the past gone past this price level, the $35k-level should be easily capturable.

However, in the next few weeks, the continuing bearish sentiment may stop the coin from breaching this resistance.

Source: Santiment

According to Santiment’s data, strong bearish sentiments with regard to Bitcoin are around at the moment. Santiment’s Weighted Social Sentiment metric is a clear indicator of the overall sentiment traders have towards an asset. In Bitcoin’s case, in spite of it rebounding today, many traders seem to be a bit hesitant at these levels.

For assets like Bitcoin that work in a speculative market, crowd sentiment is a key attribute. While it is wise to buy when the price takes a dip, the fact that after Bitcoin fell to the $30k-price range there were quite a few corrections without a strong uptrend could be one of the reasons traders are hesitating to buy more BTC and help its price move north.

Source: Santiment

In fact, taking a closer look at the two corrections that happened on Bitcoin’s charts over the past week, Santiment highlighted that while traders were keen on buying the dip during the first correction, there was a bit of skepticism during the second dip that happened yesterday.

To better understand social sentiments, Google trends data can also come in handy. Taking a look at user interest in Bitcoin world over, a slump over the past few days was evident, with this finding shedding new light on the cryptocurrency’s recent price performance.

According to Google’s data, a value of 100 is the peak popularity for a term, with Bitcoin seeing its levels fall to 59 at press time, from 100 on the 11th of January.

Source: Google Trends

With Bitcoin setting new highs this month, it has also, in turn, redefined what it means to buy low and sell high. Bitcoin’s press time price point is still quite steep in comparison to where it was under a year ago and one of the reasons why traders may be a bit apprehensive during these price corrections could be because the price is still in quite an expensive range.

Additionally, another reason why the bearishness continues for Bitcoin could be because of the $10k drop that Bitcoin underwent, and even after traders ‘bought the dip,’ the price has only increased marginally and ended up seeing yet another price correction. To a certain extent, one can argue that this could be the reason why in the short-term, the bearishness prevails.

However, given Bitcoin’s predicted trajectory, a $30k-price point is likely to be quite a rarity in the coming months and traders accumulating the coin may find themselves quite fortunate soon.

Source: https://ambcrypto.com/why-has-bitcoins-brief-recovery-not-been-enough/

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