Stellar Lumens, Cosmos, THETA Price Movement Analysis for 5th June,2021

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With the destiny of the global cryptocurrency market riding on Bitcoin’s recovery, altcoins including Stellar Lumens, Cosmos, and THETA saw positive swings when the king coin attempted to recapture $38,000. However, gains for the aforementioned alts will most certainly be limited by key levels until BTC breaks over $42,000.

Stellar Lumens [XLM]

Stellar Network’s successful update to protocol 17 on June 1 resulted in a 4% increase in its native cryptocurrency XLM, but the cryptocurrency found itself in murky seas as a result of yesterday’s larger market drop. On the 4-hour chart, the price fell below the $0.403 support level, although it was attempting to recoup lost ground at the time of writing.

Returning to support around $0.403 might bring XLM up to the $0.407-resistance, but gains would likely be limited below the next ceiling at $0.56. Regaining control of the level above $0.56 might spark a price rebound, although any action would need stronger indications from the broader market.

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The RSI climbed back above 50 as the market’s bulls attempted to take control of the market. However, a weakening ADX pointed to a declining trend and some sideways movement.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

As buyers returned to the market, Cosmos successfully defended its 23.6 percent Fibonacci level from a collapse. The 38.2 percent level ($17.6) was a significant resistance zone, and short-term gains were expected to be restrained in the following sessions. In the case of a breakout, bulls would look for a move over the 50% mark, which is now at $2.5.

Since the 19 May catastrophe, the Bollinger Bands have indicated little volatility. This condition is expected to persist in the ATOM market until Bitcoin regains $42,000. Finally, the MACD approached a bullish crossing as power shifted back to the purchasers.

 

THETA

Source: THETA/USD, TradingView

THETA’s rally has been quite impressive since its bounceback from the $6-support. Steady gains pushed the crypto-asset above the $8.24-resistance – A region that was also successfully defended from yesterday’s pullback. Back to a bull market, THETA eyed a hike above $10 but sellers would likely return around the $11-mark. However, a breakout could extend gains for THETA up to $12.

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RSI eyed the overbought region once again but this also suggested that a correction was due in the market. Defending $10 from a breakdown could see some sideways movement as bulls would prepare for the next leg upwards. A breakdown could be countered at the newly flipped $8.24 line. According to the Squeeze Momentum Indicator, bullish momentum has been declining over the past few sessions as a reset was in order. According to the Squeeze Momentum Indicator, bullish momentum has been declining over the past few sessions as a reset was in order.

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