XRP (XRP), Stellar (XLM) and Neo (NEO) prices have broken out or are about to break above long-term resistance levels.
Technical indicators and price action for all three coins suggest a breakout is imminent and ushering in rapid upward moves.
The weekly chart shows that XRP is trying to break above the $ 0.60 resistance area. So far it has made three unsuccessful attempts, with the exception of a few unexpected moves. The price has been trading below this level since May 2018.
If we manage to move above this area, the next resistance will be at $ 1.33, the 0.382 fib retracement level measured from the all-time high of $ 3.31.
Despite the proximity to the breakout, the technical indicators could not confirm the uptrend. The stochastic oscillator has not yet formed a bullish cross and the RSI is below 70.
XRP / USD weekly chart | Source: TradingView
The daily chart is bullish, suggesting that XRP is likely to break out of the $ 0.60 resistance area.
First, we can see that XRP broke the descending resistance line and subsequently confirmed it as support. Additionally, XRP has recaptured the small resistance area of $ 0.53 that is now likely to act as support.
As a result, as long as XRP is trading above this area, it will break out and keep moving higher.
XRP / USD daily chart | Source: TradingView
Highlights
The weekly chart shows that the XLM has regained the resistance area of $ 0.47 and subsequently confirmed it as support. This area is important as it is the 0.5 fib retracement level. This is also a horizontal zone of resistance after XLM was rejected twice in early 2018.
Currently, XLM has created a long bottom wick in response to this level and the three RSI, MACD and Stochastic oscillators are all turning up, helping the uptrend to continue. The stochastic oscillators also created a bullish cross.
Hence, XLM will rebound towards the next resistance area at $ 0.72 and could break out to hit a new all-time high.
Weekly XLM / USD Chart | Source: TradingView
Highlights
NEO is currently trading very close to the resistance area of 47. While NEO hit this area last week it has been denied and has fallen slightly since then. NEO has not traded above this level since April 2018.
If the breakout is successful, the next area of resistance will be at $ 95. The technical indicators are bullish as shown by the Stochastic Oscillator, which has created a bullish cross supporting a NEO breakout.
If the price breaks the $ 47 area, NEO will move swiftly towards $ 95.
NEO / USD weekly chart | Source: TradingView
Highlights
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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