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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.
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.
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’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.
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.