Top 5 Cryptocurrencies to Watch This Week: ETH, XLM, ADA, XMR, CRO

The coronavirus pandemic has crippled the United states' economic system, which is staring at its worst recession since the Second World War. To counter this, the U.S. Federal Reserve has pumped trillions of dollars into the economy. These measures are may result in hyperinflation in the future. Therefore, investors are ownership gold and Bitcoin (BTC) to hedge their portfolios.

Crypto market data daily view. Source: Coin360

The superlative-ranked cryptocurrency by marketplace capitalization has generated increased participation from institutional investors, co-ordinate to numbers reported by the Chicago Mercantile Exchange.

Contrary to the expectations of a few analysts, BTC has remained strong post-halving and is attempting to break to a higher place the psychological resistance of $10,000. If successful, it is likely to pull several altcoins higher. Let's expect at the top five cryptocurrencies that could offering trading opportunities this week.

ETH/USD

Ether (ETH) is trading inside the ascending channel, which suggests that the trend is upwards. The bulls have pushed the price in a higher place the downtrend line, which had been interim as stiff resistance for the past few days.

ETH-USD daily chart. Source: Tradingview

This suggests that the bulls accept overpowered the bears and the uptrend is likely to resume. If the second-ranked cryptocurrency on CoinMarketCap sustains higher up the downtrend line, a rally to $227.097 is possible.

A intermission above $227.097 could result in a rally to the resistance line of the ascending channel at about $240. Although the 20-day exponential moving average is still apartment, the relative forcefulness index has cleaved out of the downtrend line, which suggests that bulls are at a slight advantage.

Still, if the bulls fail to sustain the price in a higher place the downtrend line, the bears will attempt to sink it below the support line of the channel. If successful, it volition signal weakness. On a break beneath the channel, a driblet to $176.103 is likely.

ETH-USD 4-hour chart. Source: Tradingview

Later consolidating near the downtrend line, the bulls have fabricated a decisive breakout, which is a positive sign. The 20-EMA is sloping up and the RSI is close to the overbought zone, which suggests that bulls have the upper paw in the short-term.

Therefore, traders can purchase at the current levels and on any retest of the downtrend line. The cease-loss can be kept at $196 and the target objective on the upside is $227.097. At this level, partial profits tin be booked and the stops on the rest of the position tin be trailed higher.

On the other hand, if the bears mount a strong resistance at $215-$220 resistance, the stops can exist trailed higher to breakeven to reduce the hazard. The brusk-term trend will turn weak if the ETH/USD pair turns down from the current levels and sustains below the downtrend line.

XLM/USD

Although Stellar Lumens (XLM) dipped below the twenty-twenty-four hour period EMA ($0.067) on May 10 and eleven, the bears could non capitalize on this weakness. This suggests potent demand at lower levels.

XLM-USD daily chart. Source: Tradingview

Currently, the bulls are attempting to drive the 11th-ranked cryptocurrency on CoinMarketCap in a higher place the downtrend line. If successful, the uptrend is likely to resume and a movement to $0.076994 so to $0.088311 is possible.

The 20-twenty-four hours EMA is gradually sloping upwardly and the RSI is in the positive territory, which suggests that bulls are at an advantage.

This bullish view will be invalidated if the cost turns downwardly from the electric current levels and breaks beneath the 20-day EMA. If this support cracks, a drop to the uptrend line and below it to the recent lows at $0.06 is possible.

XLM-USD iv-hour chart. Source: Tradingview

After turning down from the downtrend line on two occasions, the bulls have finally managed to propel the price above information technology. This is a positive sign that could result in a rally to the $0.075-$0.076994 resistance zone.

Therefore, traders can purchase after the pair sustains above the downtrend line for iv-hours. The stop-loss for this trade tin be kept below the recent lows at $0.066.

The failure of the bulls to sustain the cost above the downtrend line will indicate a lack of demand at higher levels. A intermission beneath the downtrend line can elevate the XLM/USD pair to the uptrend line.

If the pair bounces off the uptrend line, it might again offer a low-take chances buying opportunity with a close cease-loss kept merely beneath $0.060. If this level breaks, the tendency could reverse downward.

ADA/USD

Cardano (ADA) is currently consolidating in an uptrend. Both moving averages are sloping up and the RSI has risen above the 60 levels, which suggests that the bulls have the upper hand.

ADA-USD daily nautical chart. Source: Tradingview

For the by four days, the 12th-ranked cryptocurrency on CoinMarketCap has been consolidating almost the downtrend line. This is a positive sign as information technology shows that the bulls are not closing their positions as they expect higher prices in the next few days.

If the bulls tin propel the price to a higher place the downtrend line, the uptrend is probable to resume. At that place is a minor resistance at $0.0543484, above which the up-movement is likely to choice up momentum.

The critical levels to watch on the upside are $0.062 and so $0.072. This bullish view volition be invalidated if the price turns downwardly from the electric current levels and breaks below the 20-day EMA ($0.048). Below this level, a retest of $0.0427288 is possible.

 ADA-USD 4-hr chart. Source: Tradingview

The ADA/USD pair has roughly been trading between $0.050 and $0.052 for the by few days. A breakout of the downtrend line can effect in a movement to the overhead resistance at $0.0543484.

The bears are likely to defend this level aggressively. However, if the bulls can propel the price above $0.0543484, the pair is likely to selection up momentum. The short-term target level to watch on the upside is $0.0615-$0.063.

Therefore, the bulls tin buy on a breakout and close (UTC time) above $0.0543484. The initial stop-loss tin exist kept at $0.049, which can be trailed college as the pair moves up. As the pair nears the target levels, the stops can be tightened further to protect the newspaper profits.

XMR/USD

Monero (XMR) is in an uptrend. The bulls purchased the driblet below the twenty-twenty-four hours EMA ($62) on ii occasions. This suggests demand at lower levels. For the by iv days, the cost has been trading above the 20-day EMA and nearly the overhead resistance zone of $66.1545-$68.4175.

XMR-USD daily nautical chart. Source: Tradingview

A tight consolidation near the resistance increases the possibility of a breakout. The gradually upsloping moving averages and the RSI in the positive zone also suggest that bulls have the upper hand.

If the 14th-ranked cryptocurrency on CoinMarketCap breaks in a higher place the resistance zone, information technology is likely to choice up momentum and rally towards its next target objective of $82.3912, which is the 78.6% Fibonacci retracement of the contempo down leg.

Conversely, if the price over again reverses direction from the current levels and breaks below the 20-day EMA, information technology volition indicate weakness. The bears are probable to have a house grip if the price dips below the recent lows of $54.0463.

XMR-USD four-hr chart. Source: Tradingview

The iv-hour chart shows an inverse head and shoulders formation, which will complete on a breakout and shut (UTC time) above the neckline. This setup has a target objective of $78. Therefore, traders can buy 50% of the desired allocation on a close higher up the neckline and proceed an initial stop-loss of $62.

The bears might again offer strong resistance at $68.4175 just if the bulls tin can bulldoze the price above it, the XMR/USD pair is probable to pick up momentum. Therefore, the remaining fifty% of the position can be added if the cost sustains in a higher place $68.5 for four hours.

If the bulls struggle to articulate the pocket-sized resistance zone of $70-$72, partial profits tin be booked and the stops can exist trailed higher. The pair will weaken if it turns downwards and plummets below $62.

CRO/USD

Crypto.com Coin (CRO) is an uptrend. The bulls purchased the dip beneath the 20-24-hour interval EMA ($0.06) on May x aggressively. This suggests strong need at lower levels.

CRO-USD daily chart. Source: Tradingview

Both moving averages are sloping up and the RSI has been trading above the 60 levels, which suggests that bulls are in control. If the bulls tin can propel the 15th-ranked cryptocurrency on CoinMarketCap above $0.0692, the uptrend is probable to resume.

There is a pocket-sized resistance at $0.0736, above which the momentum is likely to selection upward. The first target to watch on the upside is $0.0787 and then $0.0816. This bullish view will exist negated on a break below $0.062.

CRO-USD 4-hour chart. Source: Tradingview

The 4-hour chart shows that the bulls are attempting to retest the recent highs at $0.0692. The bears might defend this level aggressively but if the bulls can keep the CRO/USD pair above the uptrend line, the possibility of a breakout of $0.0692 increases.

Therefore, the bulls can initiate long positions on a breakout and close (UTC time) above $0.0692. The initial stop-loss can be placed at $0.061, which tin be trailed higher as the price moves northwards.

Conversely, if the cost turns down from $0.0692, it tin dip to the uptrend line. A strong bounciness off the uptrend line volition signal strength and tin can offer a low-chance buying opportunity. However, if the bears sink the pair beneath the uptrend line and the recent lows at $0.062, the curt-term bullish trend may be at risk.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should carry your own enquiry when making a conclusion.

The market data is provided past the HitBTC exchange.

Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-eth-xlm-ada-xmr-cro

Posted by: martinezdishoursenot.blogspot.com

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