- Cryptocurrencies have undone most of the gains made earlier this year.
- There are concerns about regulations in the United States.
- Stellar and Zilliqa could continue falling while Tron’s outlook is neutral.
The financial market was relatively mixed this week as investors reacted to the actions of the Federal Reserve. American indices like the Dow Jones and the Nasdaq 100 continued rallying while the DXY and the VIX indices retreated sharply. Cryptocurrencies tumbled as investors remained focused on the darkening regulatory climate in the United States. This article will look at the outlook of key coins like Stellar Lumens, Tron, and Zilliqa.
Stellar Lumens (XLM) price prediction
Stellar price has come under intense pressure in the past few weeks. It has formed what looks like a head and shoulders pattern on the daily chart. In price action analysis, this is one of the most accurate bearish patterns in the industry.
The coin has moved below the 25-day and 50-day moving averages while oscillators like the Relative Strength Index (RSI) and Stochastic Oscillator have moved to the oversold level. Most importantly, the XLM price is hovering near the key support of $0.075, the lowest point on March 9th.
Therefore, the coin will likely have a bearish breakout as sellers target the next key support level at $0.070, the lowest point this year. This price is about 9% below the current level.
Tron price prediction
Tron has been one of the best-performing major cryptocurrencies this year. Despite the recent decline, the TRX price is still about 41% from the lowest level this year. The coin recently dropped and moved below the important support level at $0.072, the highest level in February. It is now attempting to rebound above this level.
Tron has formed a break and retest pattern, which is a sign of a bearish continuation. It has also moved below the 25-day and 50-day moving averages. The coin has also formed what looks like a bearish pennant pattern. On a positive sign, it remains above the ascending trendline shown in green.
Therefore, the outlook of this coin is neutral. A volume-supported move above the resistance at $0.072 will signal that there are more buyers who will be keen to push it to the next resistance point at $0.08.
Read more: How to buy Tron.
Zilliqa price prediction
Zilliqa, like other altcoins, has been in a strong bearish trend in the past few weeks. This sell-off happened in a low-volume environment. The coin managed to flip the important support level at $0.021 into a resistance.
ZIL price has dropped below the 25-day and 50-day exponential moving averages (EMA). It is also hovering near the YTD low of $0.015, the lowest point in January this year. The token is also forming a bearish flag pattern, which is a bearish sign.
Therefore, there is a likelihood that the coin will have a bearish breakout as sellers target the next key support level at $0.010.
