Litecoin (LTC), Stellar (XLM), Monero (XMR), Skycoin (SKY), and Zcash (ZEC) are still in bear markets. The recent upward moves by the cryptocurrencies were voided by sellers at their respective resistance levels. The altcoins lost their bullish gains as the market made a downward move. The coins are getting ready for a fresh upward move.
LTC/USD Major Trend: Bearish
Today, Litecoin (LTC) has fallen to a low at $42 after the bulls were resisted from the high of $47. Before this time, the bulls have been making frantic efforts to push LTC to the previous highs. At first, the bulls push price from its low at $28 to $40. The market went into a tight consolidation between $36 and $40 because of the bulls’ inability to penetrate the $40 resistance. On April 6, LTC rebounded at $40 low to reach a high of $47.
The rebound enables the cryptocurrency to be out of the range-bound zone. The price bars are above the 12-day and 26-day EMAs for a possible upward move. Unfortunately, the bulls fail to push above $47 resistance, as the market fell to the range-bound zone.
On the downside, if price further sinks below $42, LTC will reach a low of $35. On the upside, if the bulls sustain price above the current level, there could be another possibility of a rally. At the moment, LTC is above 80% range of the daily stochastic. The pair has reached the overbought region of the market. Sellers have emerged as the market continues its downward move.
XLM/USD Major Trend: Bearish
Stellar (XLM) is currently trading at $0.048 after a downward move. The coin is recovering from the low of $0.0300 after the bearish impulse of March 12. The bulls have already moved price to the high of $0.051 but it is retracing from the recent high. As the market retraces, it is likely to find support at $0.045. The support at $0.045 is the historical price level of December.
The market consolidated above this level and rebounded in December. The upward…