The crypto market is still in its bearish zone as several cryptocurrencies continue to struggle to break into the green zone of trading. The market cap of the entire ecosystem has been on a steady decline, losing $15 billion worth of value in the past three days. Bitcoin and Ethereum have been feeling the strain with the leading currencies trading in the negative zone.
Stellar Lumens (XLM) and Cardano are among the coins exhibiting a dramatic movement on the intraday chart. Yesterday, XLM witnessed a steep drop, resulting in a loss of about 8%. Although the downside movement has been suppressed, there is a possibility the market pressure affects the coin again.
Stellar (XLM) Price Analysis
XLM began the day trading at $0.0473. Afterward, the price dropped by 4.36% to $0.0453 before a major drop was recorded, and the coin drifted down to $0.04241. At this point, the forces of the bears looked more overpowering with the possibility of driving XLM towards $0.040 support level.
However, $0.04241 remained the solid support for Stellar XLM. The cryptocurrency later witnessed trend reversal and rallied up to trade at $0.0440 per unit coin.
In the past few hours, XLM has been enjoying slight uptrend after the reversal was made, and at press time, the cryptocurrency is trading at $0.0452 according to CoinMarketCap.
Stellar is currently undergoing price recovery and the coin could climb towards its next resistance level of 0.047 in the next few hours. However, a downturn in momentum could see it crash towards the $0.042 support levels.
Cardano (ADA) Price Analysis
Cardano is one of the coins trading in the red zone, but the RSI indicator on the 12 hours chart of the cryptocurrency seems to be signaling a recovery in support of the expectation of its investors.
ADA began the day trading at $0.328. ADA later suffered more losses as the cryptocurrency continues to trend on the downside of the market until it clinched $0.30.
Compared to what was obtained at the mid-hours of the European trading session, ADA trend line is now facing the north, and the cryptocurrency is now in the green zone.
ADA is now on the recovery path, and there are signs the cryptocurrency may make a huge breakout before the year ends. ADA has been able to return above the $0.32 resistance after the turnaround, and the cryptocurrency, according to CoinMarketCap, trades at $0.032923 after adding 0.15% to its value in the last 24 hours.
Looking at the current trend of the coin, the major resistance lies at $0.55. If there is a further dip in value then the next support levels will be within $0.30 to $0.25