Altcoins Stuck in Critical Key Levels, Attempt to Swing up to Possible Highs

May 17, 2020 at 11:35 // News

Cryptocurrencies resumed trading in a sideways trend

The altcoins are trading in their respective bull markets. Nonetheless, as the coins reached the overbought regions, there was a change in the trend. The cryptos resumed trading in a sideways trend. A rebound or breakout is possible at the overbought regions which will propel the coins to resume the uptrend.

ADA/USD major trend: bullish


Cardano is trading in a bull market but is currently facing resistance at $0.054. Cardano has been in an upward move at a low of $0.020. The recent price at $0.054 terminated the uptrend as ADA resumed a sideways move below the resistance. Also, ADA was overbought at the recent price. Sellers emerged at the overbought region and pushed prices to $0.046 low. The bulls made a downward correction and resumed a sideways move below the resistance. Since April 29, ADA is yet to break above the overbought region. Meanwhile, ADA is presently above the 75% range of the day’s stochastic, indicating that it has bullish momentum.


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LINK/USD major trend: bullish


ChainLink is trading in a bull market but the uptrend is presently interrupted at the $4 resistance level. Consequent to that recent resistance, LINK is trading in a tight range between $3.50 and $4.0. Since April 23, the bulls have made concerted efforts to break above the resistance but to avail. On three occasions there was a partial breakout above the resistance but the selling pressure compelled the crypto to fall into the range-bound zone. The current resistance is a major one and can be weakened after several retests. Link is expected to reach a high of $5 if the resistance is breached. Conversely, a break below the lower price range will sink the coin.


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SKY/USD major trend: bullish


Skycoin is currently in an uptrend after its last bearish impulse at the…

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