NEO and Stellar (XLM) Technical price analysis: Cryptocurrencies Correcting Lower te a Bearish Market, Crypto Recorder
NEO Technical Price Analysis
NEO price is correcting lower during trading on Thursday spil a bearish wind sweeps through the entire cryptocurrency market. The crypto is down 7% after opening the day’s trading session at $73.Four. The currency embarked on an upside trend earlier on ter the day but the upward momentum wasgoed capped under $75. The downside movement wasgoed initiated spil the entire cryptocurrency market played catch up to the news that Snapchat, one of the social media platforms has affected the kerkban of all Initial Coin Related adverts.
During the welvoeglijk, NEO/USD broke below key support levels. For example, the price could not find support at $70.00 and $68.00 levels respectively. At the uur, NEO is exchanging arms at $68.00 and has formed an instant support level close to $66.00. The cryptocurrency is trading below both the 50-simple moving average and the 100-simple moving average trend lines. The trend indicators meet $105 on the daily chart to voorstelling that NEO will retrace upwards towards the $100 level.
The 61.8% Fibonacci retracement level with the previous sway high of $190 and a low of $32 is ter the path of upward price movement. NEO price will practice stiff resistance at this level close to $90 on its way towards $100. On the downside, there is an extended negative MACD momentum indicator, demonstrating that the bearish momentum is strengthening. If selling pressure increases, NEO price could the next major support level at $55.00. On the upside, the bulls te the market could be getting ready for a comeback. If the bulls regain control of the market, NEO could head towards the pivotal $100 level. Above this level, the price could proceed to build up traction. Below the level, the sellers will proceed to control the market.
Stellar (XLM) Technical Price Analysis
Stellar Lumens (XLM) price is swimming te the crimson sea just like many other cryptocurrencies ter the market. XLM/USD fell to an intraday low of $0.23 during trading on Wednesday. Tuesday wasgoed a good day for Stellar spil it rallied by 8.96% ter the day’s trading and achieving the week’s high of $0.28. The crypto, however, embarked on a downside trend that spotted it lose Five.8% of its value on Wednesday.
Stellar (XLM) has bot fighting to switch sides the downside momentum from Tuesday’s high of $0.28 on the daily chart. The declines sustained across the day to test the buyers’ appetite at the 23.6% Fibonacci retracement of the previous high of $0.28 and a low of $0.23. At the same time, the shift ter sentiment concerning Stellar’s Lumens were not able to test the instantaneous support level at $0.23. On the other arm, not testing the instantaneous resistance level along the trading session paved the way for further declines. XLM/USD sustained negative selling pressure ter a market where bears were ter control.
Te the coming trading session before the end of the week, XLM/USD voorwaarde switch sides the trend towards the instant resistance levels at $0.25 and $0.26 to open the om for more gains. This movement will test the 23.6% Fibonacci retracement spil it moves up towards the week’s high at $0.28. The currency will encounter build up of sellers at $0.25 which is a pivotal point for the price.
The general bearish pressure te the market adversely affects XLM/USD, which has bot fighting to keep up the surplus of the coins during the last duo of weeks. The regulatory landscape is not spil bad spil it had bot anticipated. This silent environment could be a boost to the cryptocurrencies including Stellar to roll to the upside direction.