Cronos experienced an upswing for the second consecutive trading session, further distancing itself from its recent quarter-year low. Market volatility surged on Friday, ending a period of relative price stability. Concurrently, Stellar exhibited a notable rise, reaching its highest level in the past three days.
Cronos (CRO) has been on a recovery trajectory since hitting a three-month low, with Friday witnessing its second successive session of upward movement.
From a trough of $0.05072 on the preceding day, the CRO/USD currency pair advanced to an earlier peak of $0.05291.
This recovery was facilitated by the capacity of bullish Cronos traders to prevent a complete downward breakout below a critical support level pegged at $0.0495.
CRO/USD – Daily Technical Analysis
A contributing factor to this resilience was the steadfastness of the 34.00 level on the Relative Strength Index (RSI).
As of the latest data, the index is hovering at 49.60, with an impending resistance set around the 52.00 level.
Should the price strength escalate past this marker, it is anticipated that CRO will be trading in the vicinity of $0.05500.
In the current trading session, Stellar (XLM) reached its highest valuation in a span of three days as bullish traders aimed for a significant resistance level.
The XLM/USD pair touched an earlier high of $0.1271, a noteworthy leap from its previous close at $0.122.
The surge was likely influenced by the nearing convergence of the 10-day (red) moving average with its 25-day (blue) counterpart in an upward crossover.
XLM/USD – Daily Technical Analysis
This is the nearest that Stellar traders have been to breaching a resistance zone of $0.1300 since the previous Tuesday.
The day’s upward shift was characterized by the 14-day RSI breaking through an upper limit of 49.00 to settle at a current level of 51.08.
However, it is important to note that the earlier gains have slightly retracted, with XLM presently trading at $0.1253.
To receive our weekly technical analysis report, register your email here:
Weekly Technical Analysis Report
Do you think Stellar could surpass the $0.1300 level over the weekend? We welcome your insights in the comments section.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Trends
What cryptocurrencies are the focus of this article?
The article primarily focuses on the cryptocurrencies Cronos (CRO) and Stellar (XLM).
What is the main trend observed in Cronos (CRO)?
The main trend observed in Cronos (CRO) is a rebound from its recent three-month low. The cryptocurrency has experienced an upswing for two consecutive trading sessions.
What technical indicators are mentioned for Cronos?
The Relative Strength Index (RSI) is the key technical indicator discussed in relation to Cronos. It is noted that the RSI level is currently at 49.60, with the next point of resistance around 52.00.
What is notable about Stellar’s (XLM) recent performance?
Stellar (XLM) has reached its highest valuation in the past three days. It has been on an upward trend, aiming for a significant resistance level.
What technical indicators are highlighted for Stellar?
For Stellar, the article mentions the 10-day and 25-day moving averages approaching an upward crossover. Additionally, the 14-day RSI broke through an upper limit of 49.00 to a current level of 51.08.
What are the implications for traders?
For Cronos, traders may watch the RSI level and the next resistance at 52.00 for trading opportunities. For Stellar, the nearing crossover of moving averages and the RSI level could be significant indicators for potential trades.
How can one stay updated on these market trends?
To stay updated on these and other market trends, readers are encouraged to register their email to receive a weekly technical analysis report.
More about Cryptocurrency Market Trends
- Weekly Technical Analysis Report
- Cronos Official Website
- Stellar Official Website
- Cryptocurrency Market Trends Overview
- Understanding Relative Strength Index (RSI)
- Moving Averages Explained
- Financial Market News
- Cryptocurrency Trading Strategies
- Guide to Technical Indicators
- Forex and Crypto Trading Platforms