EOS, Stellar, Cardano, and TRON are showing signs of the next altseason

Published on by Cryptoslate | Published on

On the 1-day chart, this cryptocurrency looks bullish since the 50-day moving average was able to hold it from a further decline.

The crypto managed to get back on top of the 7-day moving average for the last 5 days.

A golden cross could happen in the next couple of days, when, and if, the 7-day MA moves above the 30-day MA. Since this is a bullish breakout pattern it will add credibility to the bullishness seen on this timeframe, if validated.

On the 1-week chart a golden cross between the 7 and 30-week moving average developed two weeks ago, and XLM is currently trading above the 7-week moving average, both bullish signals.

If selling pressures rises and XLM moves below the 7-week MA, then it would probably try to test the 30-week moving average.

A move above resistance, also known as the neckline, could signal a sharp upswing which will need to be confirmed by a large spike in volume that will help validate that the pattern is actually a break out.

A move below $0.120 could give the first signs that the head-and-shoulders pattern will be invalidated and breaking below the right shoulder will confirm it.

Since the beginning of April, Cardano has been consolidating, mostly between the $0.07 support and the $0.10 resistance level, despite a move down to $0.06 in early May. Now, ADA is trading around $0.09 indicating that it could soon try to test the $0.10 level of resistance once again.

Conversely, a move below the 7-three-day moving average could indicate that ADA is about to fall to around $0.06 depending on the strength of the support provided by the 30 and 50-three day moving averages.

On the 3-day chart, TRX is trying to move above the 7-three-day moving average, which will confirm the continuation of the bullish trend and a possible test of the $0.038 resistance level.

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