EOS, TRON TRX and Stellar XLM: Cryptos Rallying from Oversold levels
EOS price rallies Ahead eosDAC Airdrop amid General Market Upsurge
EOS price started correcting higher on Wednesday from lows of $6.000 breaking away from the selling pressure that was overdue. The price recorded a 44% rise on the same day, besides it is up 18.2% in the last 24 hours. EOS/USD traded higher highs and higher lows to break above key resistance areas, for instance, $7.000, $7.500, and $8,500 respectively. Consequently, the surge surpassed the peak traded after February 20.
EOS price soars ahead of its scheduled eosDAC airdrop in mid-April. All the Ethereum wallets that will be holding more than 100 EOS will be rewarded with a similar amount of eosDAC tokens during the blockchain snapshot. The tokens are scheduled to be transferred to EOS mainnet later in the year. However, the holders with less than 100 EOS will be required to claim their eosDAC tokens manually.
At the moment, EOS is exchanging hands at $8.713, although the upside has been capped by resistance at $9.1311. EOS/USD is trading above the 50 SMA and the 100 SMA on the hourly timeframe chart. The price has formed a short-term support above $8.7500, but the major support is at $8.000. The RSI is moving towards the mean on the lower side to signal that the sellers are present and could enter the market to push the price lower. Similarly, the MACD is slightly dipping into the negative region confirming the bearish momentum forming close to $8.846. EOS price must keep above the short-term support to avoid declines towards the major support level at $8.000. However, the 50 SMA will stop declines at $8.500 level in case of a trend reversal.
TRON (TRX) price analysis
TRON TRX price moved from trading lock-step during the sessions on Wednesday to sustain an ascending channel. The upside gains were started at $0.035 after breaking out of the sharp descent witnessed earlier on Thursday. TRX/USD joined in the general rally sweeping across the entire crypto market mostly carried by Bitcoin price surge which rose by over 11% in less than 30 minutes.
The cryptocurrency breached key resistance zones as it soared above $0.038 level. The upside gains were however protected by increasing resistance close to $0.0385. Currently, the price is testing the short-term support formed at $0.03800 on the hourly timeframe chart. Similarly, there is a bearish momentum shaping up at $0.03801 while the MACD is dipping dipper into the negative levels to signal that the bears are ready to take control of the price.
The 23.6% Fib retracement level with the previous swing high of $0.0384 and a low $0.034 will work as short-term support for TRX/USD. Although the major support level rests at $0.035. The buyers must continue to increase their appetite for Tron TRX to prevent declines.
Stellar (XLM) Price Analysis
Stellar XLM, on the other hand, has recorded appreciable gains during the trading session on Thursday rising by over 10% in the last 24 hours. Stellar, like the rest of the cryptocurrencies, is shining after a selling relief that has seen most cryptocurrency prices soar. During the recent declines, XLM/USD traded below $0.20 level although it formed a support at $0.0192. The price bounced back on Wednesday but the upside was limited by the selling pressure close to $0.200 level.
The Bull Run in the cryptocurrency market pulled Stellar price with it on Thursday where it corrected even higher above $0.200 level but the bulls lacked the momentum to push the price higher. The upside was capped at $0.0226 opening the gate for the seller to enter the market and force a downward correction. Stellar XLM price, however, formed a short-term support above $0.22 zone.
At the moment, there is a bullish momentum that is forming close to $0.225 on the hourly chart, besides the MACD is dipping into the positive region to signal that there is the presence of buying power in the market. The price is trading above the 100 SMA which is bending upwards to indicate that the path of least resistance is to the upside. On the downside, the 23.6% Fibo will support the price if it drops below the short-term support at $0.22. However, the major support is at $0.20 which coincides with the 50% Fib retracement level with the last swing high of $0.227 and a low of $0.188.