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Price Analysis

Stellar (XLM), Algorand (ALGO), and Bancor (BNT) Price Analysis for Apr 5



Cryptocurrency technical analysis daily

Stellar, Algorand, and Bancor prices remain in consolidation but fragile, days after posting new highs concluding a solid performance in Q1 2021.

Stellar Lumens (XLM)

The Stellar Lumens price is moving in waves, with statistics showing impressive gains week-to-date.

Although the XLM price is up 13 percent in the last week of trading, the XLM/USD price is mainly in consolidation.

Notably, XLM bears are in charge as prices are generally capped within a $0.13 range. Visible resistance is at $0.47 while support is at $0.34, defining Mar 2021 highs and Feb 2021 lows, respectively.

XLM bulls’ failure to rewind gains swung price action in favor of bears. Sellers are angling to close below $0.30, confirming losses of late Feb 2021 in a sell trend continuation pattern.


Stellar Price Daily Chart for Apr 5

As it is, XLM prices remain in consolidation with sellers in control from Volumes Analysis. Technically, the path of least resistance in the short term is bearish.

However, for buyers to flow back and confirm analysts’ stance as per the Stellar price forecasts, there must be a convincing close above $0.50 and Mar 2021 with a sharp uptick in trading volumes. That will mean a close above Feb 23 highs which subsequently opens up the XLM/USD price for $0.61.

Notice that odds of lower lows remain high. It is mainly because XLM/USD, despite trader optimism, ranges within Feb 23 conspicuous, high-volume bear bar, a net negative for XLM bulls.

If the XLM/USD price closes below $0.30, there could be a retest of Nov 2020 highs of $0.20.

Bancor (BNT)

After a one-way rally towards the new 2021 highs, the Bancor price is retracing, correcting the over-valuation.

Understandably so, year-to-date, the BNT price is up an impressive 39X, outperforming both ETH and BTC fueling the series of bullish Bancor price expectations.

Nonetheless, the upside tear might be coming to an end as bears flow back, forcing BNT/USD prices lower in a correction.

Following the dump of late February, BNT bulls haven’t recovered. Bears, judging from the past few days’ price action, are in control.

Despite recovery attempts from the tail end of March, the bounce hasn’t been convincing. It is with relatively low participation levels.

The BNT price is currently down 13 percent versus ETH and stable against the USD in the last week of trading.

BNT/USDT Price Prediction

Bancor Price Daily Chart for Apr 5

Fundamentally, Bancor is bullish as long as DeFi is disruptive.

Price action-wise, the dump could be the beginning of a deeper correction of H2 2020 that spilled over to Q1 2021.

At spot rates, the BNT price is down a mere 20 percent from Feb 2021 peaks. Support is at Mar 2021 lows of $6.5.

There is a double bar bear reversal pattern due to bulls’ failure on Apr 4 to rewind losses. Combined with relatively low trading volumes of the last ten days or so, bears have the upper hand.

Therefore, confirmation of the Apr 2 and 3 double-bar bear reversal pattern may spark a sell-off below $6.5. After that, the BNT/USD price may fall to $5—the 50 percent Fibonacci retracement level of the last five-month trade range. Gains above $8 will place back Bancor bulls in contention with targets at $9.

Algorand (ALGO)

The Algorand price action mirrors the general trend in the crypto scene.

After tremendous Q1 2021 gains, the ALGO price is contracting, off Q2 2021 with a weaker foot. Week-to-date, the ALGO price is up five percent against the greenback but trails the resurgent ETH.

Technically, sellers appear to be in control.

The least resistance path will be shaped depending on the breakout direction, confirming the current consolidation as a distribution or ALGO accumulation.

ALGO Price Forecast

Algorand Price Daily Chart for Apr 5

The ALGO price, as aforementioned, is within a $0.50 range with resistance and support at $1.5 and $1, respectively.

From the daily chart, prices remain in range as bears clip bullish attempts for a close above $1.5 in the resumption of Q1 2021 in follow-through of ALGO forecasts for 2021.

Therefore, although volumes are relatively stable and within range, aggressive traders can unload on pullbacks with targets at $1 due to the double-bar bearish reversal pattern.

However, this will be nullified if ALGO bulls flow back, pushing prices back above this mark as they target $1.8.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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