Let's have a look at the 3 hot coins of this week:
Waves have been trading for 3 years from now and proved to be strong asset to survive in different market conditions. It has surged more than 300% and proved to be a winner during recent bear market.
As if now It needs to cool down (drop) a bit before moving up further.
It has broken the long term downward trend line in November'18 and has surged significantly (300%+). It has tested the first Resistance level (red bar) and is now correcting (dropping). The first level of support zone (green bar) needs to hold in order to continue bullish momentum. But if it doesn't hold the 1st support level then testing other support levels is possible.
If the 2nd support level doesn't hold then it will be quite bearish for the asset and last line of defense would be the last support level (green bar). If the breaks then it would be highly bearish for the asset in long term.
Stellar (XLM) project enables low-cost interbank transfers across countries in less than 5 seconds. The Stellar Development Foundation is also working to enable access to the financial world for the unbanked.
XLM has been hovering around the long term horizontal support (green bar)and surged 15% before correcting to the same level again and is one of the best performing cryptocurrencies this month.
If it manages to hold the current level then it might try to test and break the next resistance zone (red bar) which would be bullish for mid-term. Bullish momentum would be confirmed when the resistance zone (1st red bar) is broken and retested with buying interests.
If the current support level (1st green bar) doesn't hold up in the coming days then it would be pretty bearish for the asset and it would test the last support level around 0.00002200 -0.00002100 satoshi level.
Ardor is a blockchain project with strong fundamentals as it provides blockchain solution as a service (BaaS). It has dropped more than 90% since its all-time high value
After dropping 90% +, it's hovering near a support zone (green bar).
At the moment it's in the demand zone looking at the historical price movements. It needs to hold this support level (green bar) to show some signs of bullish action in the coming days/weeks.
It has to break the long term downward trend-line(dotted line) and first resistance level(red bar) for bullish momentum to commence.
If the Support zone (green bar) doesn't hold in the coming days then it would be super bearish for the asset and we might see new all-time low (price) for the same.
It could also range between the support and resistance levels before major upside or downside in the coming days/weeks.
Overall market saw a price surge at the beginning of the 2019 year and is now dropping. There is a strong need of new money to be entered into the market to support bullish momentum for the coming days/weeks as total market-cap of crypto is around $124 billion which is quite not enough for the next bull cycle to commence.
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