Altcoins Weekly Analysis – ADA, XLM and XMR – 13/01/19

Cardano’s ADA

Cardano’s ADA fell by 3% in the week ending 12th January, partially reversing a 6.86% gain from the week before, to end the week at $0.04428.

A relatively bullish start to the week saw Cardano’s ADA rise through to an early Thursday morning intraweek high $0.0561, breaking through the first major resistance level at $0.0485 and second major resistance level at $0.0513 before getting hit by a cryptomarket meltdown on Thursday morning.

The reversal saw Cardano’s ADA slide to an intraweek low $0.04292, with Cardano’s ADA managing to hold above the week’s first major support level at $0.0418 before finding support to close out at $0.045 levels on the day.

The extended bearish trend, formed at early May’s swing hi $0.38845, remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7th December’s new swing lo $0.02724 and 4 consecutive days in the red through the week.

For the week ahead, a move through to $0.0480 levels would support a move back through to $0.050 levels to bring the week’s first major resistance level at $0.0526 into play, with last week’s high $0.0561 likely to pin Cardano’s ADA back from any run at $0.060 levels and the week’s second major resistance level at $0.0609.

Failure to move through to $0.0480 levels in the early part of the week could see Cardano’s ADA hit reverse, with a fall through last week’s low $0.04292 bringing the week’s first major support level at $0.0394 into play before any recovery, heavier losses to bring the week’s second major resistance level at $0.0346 unlikely barring another broad based crypto sell-off.

At the time of writing, Cardano’s ADA was flat at $0.044278.

ADA/USD 13/01/19 Weekly Chart

Monero’s XMR

Monero’s XMR slid by 9.59% in the week ending 12th January, reversing the previous week’s 5.45% gain with interest, to end the week at $44.52.

A particularly bearish start to the week set the tone for Monero’s XMR, with Monero’s XMR falling from a start of a week intraweek high $55.37 to a Thursday intraweek low $43.3, the reversal seeing Monero’s XMR fall through the first major support level at $44.82, while falling short off the first major resistance level at $53.5 at the start of the week.

Monero’s XMR managed to move back through to $46 levels before easing back through the first major resistance level at $44.82.

For the week ahead, a move through to $48 levels would be needed to bring $50 levels and the week’s first major resistance level at $52.16 into play before any pullback, last week’s high $55.37 likely to pin Monero’s XMR back from a run at the week’s second major resistance level at $59.8 and $60 levels.

Failure to move back through to $48 levels could see Monero’s XMR hit reverse, with a fall through last week’s low $43.3 likely to bring the week’s first major support level at $40.09 into play before any recovery, sub-$40 support levels unlikely to be in play barring a broad based crypto sell-off.

At the time of writing, Monero’s XMR was up 0.47% to $44.73.

XMR/USD 13/01/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 6.73% in the week ending 12th January, following on from a 4.13% slide the previous week, to end the week at $0.10816.

Bullish through the first half of the week, Stellar’s Lumen broke through the first major resistance level at $0.1219 to strike an early Thursday morning high $0.13222 before getting hit by a cryptomarket sell-off on Thursday morning.

The Thursday reversal saw Stellar’s Lumen slide through the first major support level at $0.1107 and second major support level at $0.1062 to an intraweek low $0.10558 before recovering to $0.11 levels on the day.

Stellar’s Lumen fell back through the first major support level at $0.1107 on Friday to close out the week at sub-$0.11 levels.

For the week ahead, a move through $0.1153 would support a run at the first major resistance level at $0.1251, with a broad based crypto recovery bringing last week’s $0.13222 high into play before any pullback, the week’s second major resistance level at $0.1420 unlikely to be in play through the week.

Failure to move through to $0.1150 levels could see Stellar’s Lumen slide back through last week’s low $0.10558 to bring sub-$0.10 levels and the week’s first major support level at $0.0984 into play before any recovery, heavier losses not expected barring another crypto meltdown.

At the time of writing, Stellar’s Lumen was up 3.54% at $0.11199.

XLM/USD 13/01/19 Weekly Chart

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