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.
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.
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Author: Hassan Maishera