XLM/USD and ADA/USD daily price analysis
Johan Tomasson, senior analyst at dagx.live trading platform, Stellar (XLM) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in an earlier analysis, advises Tomasson.
However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if the XLM/USD pair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855.
Johan Tomasson from dagx.live, also said that Cardano (ADA) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, Tomasson retains his buy recommendation given in an earlier analysis.
Nevertheless, if the ADA/USD pair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command, thinks the specialist.