After the strong recovery of the past few weeks, this week saw some profit booking at the highs.
After the sharp move from the lows, a few weeks of consolidation is also possible.
The XLM/USD pair broke out of the long-term downtrend line this week, which is a bullish sign -iIt signals the end of the downtrend.
Though the bulls had scaled this level during the week, they could not sustain the breakout as sellers stepped in close to the 50-week SMA. The price has again retreated back below $0.14861760.
If the bulls fail to ascend the overhead resistance, the pair might enter into a consolidation for a few weeks.
A major system upgrade was also completed during the week.
The buyers aggressively purchased the dip and propelled the price to new lifetime highs again this week, which shows that every dip is being bought.
The IOTA/USDT pair has been range bound between $0.244553 and $0.385033 for the past few weeks.
The bulls had broken out of the range during the week, but failed to sustain the higher levels.
If the price fails to close above the range, the consolidation will extend for a few more weeks.
Top 5 Crypto Performers: XEM, XLM, XTZ, BNB, IOTA
Published on May 19, 2019
by Cointele | Published on Coinage
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