Monero (XMR), Stellar (XLM), Zcash (ZEC), Maker (MKR), And Chainlink (LINK): Crypto Price Analysis May 8

Crypto market analysis

Monero (XMR), Stellar (XLM), Zcash (ZEC), Maker (MKR), and Chainlink(LINK) saw a price surge on April 29, as some resistance levels were breached. The altcoins are in bull markets, especially LINK which has almost recovered from the bear market. More resistance levels would be breached as the bull market lasts.

XMR/USD Major Trend: Bullish

Monero (XMR) is trading in a bull market. Yesterday, the coin rebounded at $58 low to reach a high of $66. It has surpassed the current price level. During the recent price surge on April 29, Monero rebounded at the low of $62 to reach the high of $68.

XMR/USD - Daily Chart
XMR/USD – Daily Chart

The market was overbought at the recent high. Sellers emerged to push prices downward. The downtrend extended to the low of $58 before the resumption of another bounce. The recent upward move is facing resistance at $66. On the upside, if the market retraces to $62 rebounds, the coin will break through the resistances of $66, $68, and rally above $70. The momentum will extend to $80. Meanwhile, Monero is above 40% range of the daily stochastic. This indicates that the market is in a bullish momentum

XLM/USD Major Trend: Bullish

XLM/USD - Daily Chart
XLM/USD – Daily Chart

Since last year, Stellar (XML) has been range-bound below $0.090 overhead resistance. The overhead resistance is yet to be broken as the crypto continues to trade in a sideways trend. Each time the bulls test the overhead resistance, the market will drop either to the low of $0.050 or $0.060. Later, XLM resumes an upward move to retest the overhead resistance. This has been the market scenario. During its recent fall on March 12, the coin fell to $0.02776 low and became oversold. Buyers emerged in the oversold region to push prices upward. The market has gone up and it is approaching the high of $0.076. In the meantime, XLM is at level 64 of the daily Relative Strength Index.

ZEC/USD Major Trend: Bullish

ZEC/USD - Daily Chart
ZEC/USD – Daily Chart

Zcash (ZEC) is in a bullish trend. The upward move is presently facing resistance at $48. In April, the bulls tested the resistance twice without breaking it. However, on each resistance, the market will fall to the $42 low. The resistance has remained unbroken as the coin is compelled to a sideways move below the resistance. On the upside, a break above $48 and $50 resistance levels will propel the coin to reach a high of $60.Meanwhile, the coin above 20% range of the daily stochastic. This also indicates that the market is in a bullish momentum.

MKR /USD Major Trend: Ranging

Maker (MKR) is presently consolidating above $300 after a downward correction. In retrospect, Maker has been in a sideways trend since August 2019. In March, the bears broke the lower price range and fell to $200 low.

MKR/USD - Daily Chart
MKR/USD – Daily Chart

At $200 low, MKR was oversold, and buyers emerge to push the coin upward to a high of $355. However, the crypto is consolidating with the appearance of small body candlesticks like the Doji and Spinning tops. These candlesticks describe the indecision between buyers and sellers about the direction of the market. Nonetheless, the coin is above 40% range of the daily stochastic. The stochastic band is making a U-turn indicating that the bearish momentum has been exhausted.

LINK /USD Major Trend: Bullish

LINK/USD - Daily Chart
LINK/USD – Daily Chart

LINK is in an uptrend as the market reaches a high of $4. The $4 is a resistance level that has repelled the coin. The crypto was repelled to a price of $3.50 and it resumes another upward move. On April 29, the coin rebounded to break the $4.00 resistance but was resisted. Presently, Chainlink is on a sideways move below the resistance. On the upside, a break above the resistance will propel the price to rally above $4.50. LINK is presently at level 57 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone.

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