Technical Analysis Of Stellar, ICP and LUNA!

STELLAR ANALYSIS: JUNE 2021

Technical:

Stellar is one of the top ten cryptocurrencies in the world, known for the speed of transaction. Here’s the technical analysis of Stellar.

Stellar is currently trading $0.265, showing an excellent reversal from the demand zone. The coin was facing downward pressure from the upper trendline as well as the 50-day and 200-day exponential moving average. The coin formed two bullish candles on the daily time frame after showing indecisiveness near the support range of $0.232 and $0.201. This zone has proved to be a strong base as the coin has found support near said levels since many years. However, the reversal does not seem to be strong due to the low buying volumes as opposed to the previous heavy selling volumes.

stellar analysis
source: tradingview

Market Sentiment:

The Relative Strength Index has given a positive move from the oversold region and is currently positioned at 35.27. The RSI confirms the reversal shown on the charts, indicating some strength in the buyers. The MACD is however slightly below the signal line giving out a ‘cautious’ call to the investors. The coin may have a sideways to bullish bias for a while before showing a sharp movement on either side.

stellar analysis
source: tradingview

Conclusion:

The coin has shown an excellent reversal from the support zone. The reversal will only be successful if it breaks and closes above the trendline. Targets on the upside are placed at $0.299 in the short term and $0.353 in the medium term. If the coin gives a breakdown of the support levels, targets on the downside are placed at $0.197 and $0.166.

ICP ANALYSIS: JUNE 2021

Technical:

Internet Computer (ICP) is a utility coin designed to enable users to transact on the ICP blockchain network. ICP is currently trading well below its all-time high, at $35.70. The coin has been forming a channel type formation after falling nearly by 80% since its inception. It is near the lower trendline of the channel.

That level will be make-or-break for the coin as any breakdown of the zone will trigger another massive bear run, possibly destroying all its value. Another disadvantage for ICP is that it is facing resistance from its 50-day exponential moving average and trading well below its 200-day exponential moving average on the hourly time frame.

Both bullish and bearish volumes are somewhat equal showing a tough fight between the buyers and sellers. Currently, the sellers have a better edge against the buyers considering the weakness in the overall trend of the market.

icp stellar analysis
source: tradingview

Market Sentiment:

The Relative Strength Index has given a negative divergence below its lower trendline indicating weakness for the coin in the upcoming days. It is currently positioned at 41.15. The MACD crossover has just crossed below the signal line giving a fresh ‘sell’ call to investors. Both indicators highlight a possible fall below its crucial support level.

icp rsi macd
source: tradingview

Conclusion:

A breakdown and close below the lower trendline of the channel can drag the coin to $32.92 and $31.81 on the downside. These levels are very minor support levels and could be easily broken. If a bullish reversal is seen with good volumes, targets on the upside are placed at $38.53 and $41.49 in the medium time horizon.

TERRA ANALYSIS: JUNE 2021:

Technical:

Terra (luna) is an emerging cryptocurrency providing its users access to other stable coins on its blockchain network. Terra (luna) has been forming a symmetrical triangle type pattern on the daily time frame. This pattern can give a move on either side. Currently, it is trading at $5.28, giving a reversal from its support level of the lower trendline. However, the coin is trading below its 50-day and 200-day exponential moving average.

Unfortunately, the 50-day exponential moving average is on the verge of giving a death cross below the 200-day moving average. The coin is giving mixed volumes and indecisive pattern. The reversal may hit a bump on the road as it can face a minor resistance at $5.45.

luna stellar analysis
source: tradingview

Market Sentiment:

The Relative Strength Index has given a positive divergence from its lower trendline, indicating price strength. It is currently positioned at 39.84. The MACD is above the signal line giving out a ‘buy’ signal to investors. The indicators combined with the reversal on the chart highlight a possible bull run.

stellar rsi macd
source: tradingview

Conclusion:

On the breakout of the minor resistance mentioned above, the targets on the upside are placed at $6.65 in the short time horizon and $8.41 in the medium time horizon. On the breakdown of the lower trendline, targets on the downside are placed at $4.06.