XRP, IOTA and Stellar are all poised for more wins as we head into the weekend
Just before the weekend, Bitcoin aims to establish itself above $ 48,000, which could cause bulls to hit the 50,000 level. Ethereum could also hit a new high above $ 1,800, while Binance Coin, Cardano and Polkadot prices could also soar sharply given the overall bullish sentiment.
Three other coins to see this weekend are XRP, IOTA, and Stellars XLM.
Ripple’s XRP remained in the top 5 largest cryptocurrencies despite the negative impact of the SEC lawsuit last December. After the price rose to $ 0.75 and quickly fell to $ 0.35, XRP rose 22% over the course of the week, breaking above $ 0.55
Currently trading at $ 0.58, XRP / USD has printed higher highs and higher lows within an ascending parallel channel on the 4 hour chart. A breakout above the channel could cause prices to hit early February highs of $ 0.75 and the YTD high near $ 0.80.
However, if bears take control, heightened pressure on the sell side could push prices to lows of $ 0.50. A bearish flip extended into next week could jeopardize the uptrend and put pressure on the 50-SMA ($ 0.46), 100-SMA ($ 0.41) and 200-SMA ($ 0.34) support levels at the 4- Exercise hourly chart.
XRP / USD 4-hour chart. Source: TradingView.
IOTA is up around 150% this week, with a slowdown in the last few hours. However, after opening up the Oracle market that powers the DeFi space, sentiment is high with the IOTA price.
IOTA / USD hit a local high of $ 1.4 on Feb. 11, after rising from lows of $ 0.72. Action in recent sessions on the 4-hour chart suggests that the peak may have formed a local spike as well.
However, IOTA is likely to break higher given the potential for a bull flag pattern. If the bulls hold prices above $ 1.13 as seen on the chart, a breakout to the upside could cause the resistance at $ 1.4 to be retested. Such a scenario would see an influx of buy orders with prices expected to retest $ 1.60-2.0 over the coming week.
On the flip side, IOTA / USD could fall to the initial support at USD 1.07 and then to a horizontal line at USD 0.84. Further declines could force the bulls to defend gains at 50 SMA ($ 0.70), 100 SMA ($ 0.56) and 200 SMA ($ 0.49).
IOTA / USD 4 hour chart. Source: TradingView.
Stellar (XLM) traded higher over the week, hitting a new 52-week high of $ 0.47.
Although XLM / USD has fallen to $ 0.45, bulls are in control and may keep an eye on prices above $ 0.65 for the short term. A steady rise above this resistance level could cause the XLM price to float towards the $ 0.93 high it hit in January 2018.
In addition to the positive picture signaled by the RSI and the MACD, the XLM price is above the parabolic SAR points. A gold cross of the 20 and 50 SMAs also indicates a continuation of the uptrend.
If the bulls hold above $ 0.45, cracking the next hurdles at $ 0.55 and then at $ 0.65 could result in an increased buy. In the short term, the target would be the all time high and the psychological $ 1.00.
XLM / USD 4-hour chart. Source: TradingView.
On the flip side, a drop below $ 0.45 would open potential declines on 50-SMA ($ 0.38) and 100-SMA ($ 0.34). Below these support levels, bears could keep an eye on $ 0.30.