Stellar (XLM), Monero (XMR), and XRP have all increased since August 17. The upward movement created long lower wicks and validated different support levels.
While the crypto market was uneventful during the weekend, these cryptocurrencies increased considerably. Therefore, they are considered the weekend altcoin winners.
Stellar (XLM) Price Paces Weekend Gainers
The XLM price has fallen under a descending resistance line since July 13. On August 15, XLM broke down from the $0.130 horizontal support area. This is a crucial area since it initially provided resistance in July 2022 and then turned to support in July 2023.
After the breakdown, XLM reached a low of $0.105 before bouncing (green icon) and creating a long lower wick. The bounce validated the $0.110 horizontal support area.
The price has increased by 18% since then and is trading inside the $0.130 area again. The area now also coincides with the aforementioned descending resistance line.
Whether the price breaks out from this confluence of resistance levels or gets rejected can determine the future trend’s direction.
A successful breakout can trigger a 30% increase to the next resistance at $0.170, while a rejection will likely cause a 12% fall to the $0.110 support area.
XRP Price Bounces at Ascending Support Line
The XRP price has increased significantly since the beginning of the year, following an ascending support line. The increase led to a new yearly high of $0.938 on July 13. However, the price has fallen since.
Ripple validated the ascending support line on August 17 (green icon), creating a long lower wick. The lower wick is considered a sign of buying pressure. Besides validating the support line, it catalyzed a 22% price increase.
Despite the bounce, XRP failed to reclaim the $0.550 horizontal resistance area. There was some negative Ripple news over the weekend since a Judge allowed the SEC to file an appeal in the ongoing Ripple vs. SEC battle.
Whether it does or gets rejected will likely determine the future trend’s direction. A successful reclaim likely leads to another 35% increase to $0.70. On the other hand, failure to do so can cause a drop to the ascending support line at $0.47, which would decrease by 13%.
Looking to be profitable? Learn How To Make Money in a Bear Market.
Monero (XMR) Bounces at Previous Resistance
The XMR price broke out from a descending resistance line on June 23. Before the breakout, the line had been in place since the start of February.
After breaking out, the XMR price reached a high of $172 before falling. The rejection and ensuing decrease (red icons) caused a drop to $136 on August 17. The rejection also validated the $168 resistance area.
However, the XMR price bounced and validated the line (green icon). It has increased by 8.70% so far.
If the upward movement continues, another 15$ increase to the $168 resistance area will be expected. On the other hand, if the rally loses steam, a 9% drop to validate the previous resistance line at $133 will be expected.
Read More: Top 11 Crypto Communities To Join in 2023
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
