Tezos, Stellar and Tron analysis: Bearish trend after a bullish week

Tezos, Stellar Lumens and Tron all recorded a net positive week but are in danger of slipping into a bearish trend following recent performances

This week was a positive one for the general cryptocurrency market, with Bitcoin finally reaching the $40,000 mark and Ether surpassing the $2,000 resistance point. However, the performance has dropped recently, with Bitcoin now trading below the $39,000 mark.

Tron, Tezos and Stellar all recorded positive weeks. However, the recent performance could see them slip into bearish territory ahead of the weekend.

XLM price outlook

Stellar Lumens had the least-impressive week of the three cryptocurrencies. XLM’s price is up by less than 1% over the past seven days, and it is now trading in the red zone. The XLM/USD 4-hour chart shows the cryptocurrency is in a bearish trend.

XLM/USD 4-hour chart. Source: Coinalyze

The persistence of the negative performance could see XLM drop below the 4-hour 100 simple moving average at $0.25. XLM has defended the $0.20 support level in recent weeks, and it should be able to do so again.

If the market reverses and XLM rallies, it could look to surpass the 7-day high of $0.28 and rally above $0.30. Unless there is an extensive market rally, the XLM/USD pair could find it hard to surpass the $0.35 resistance point.

XTZ price outlook

Tezos was the net winner this week, rising by over 12%. However, it is also in the red zone now and currently down by 1.1% in the past 24 hours. Unless the bulls regain control, the bearish trend might continue, and XTZ could slip below the critical $2.70 support level. XTZ should comfortably defend its major support at $2.60, which was its 100-4-hour simple moving average.

XTZ/USD 4-hour chart. Source: Coinalyze

If the bulls retake the market, the XTZ/USD pair could surpass the $3 mark and top the 30-day high of $3.11. In the event of an extended rally, XTZ could reach the $3.50 region in the coming days.

TRX price outlook

TRX is another cryptocurrency that recorded decent gains this week, up by 9% over the past seven days. Similar to the others, Tron is down by over 1% in the past 24 hours, and the losses could extend well into the weekend. If that happens, TRX could drop below the $0.060 level, exposing the critical support level at $0.057. The major support point at $0.049 should limit any move downwards unless there is an extended bearish movement from the broader market.

TRX/USD 4-hour chart. Source: Coinalyze

TRX can still turn things around and rally during the weekend. The TRX/USD pair might look to cross the $0.063 resistance level and reach its 30-day high of $0.068 over the coming days.

The post Tezos, Stellar and Tron analysis: Bearish trend after a bullish week appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Coinlist.me.

Go to Source
Author: Hassan Maishera

Leave a Reply

Your email address will not be published. Required fields are marked *

scroll to top
Please enter CoinGecko Free Api Key to get this plugin works.