ADA, XLM, and LINK Price Analysis for 5th of September

Price Predictions
Sat, 09/05/2020 - 15:38
Denys Serhiichuk
Could prospective #altcoins maintain their faster than the top coins like Bitcoin (BTC) or Ethereum (ETH)?
ADA, XLM, and LINK Price Analysis for 5th of September
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The bearish sentiments have become even more powerful over the weekend as all of the Top 10 coins are in the red. Polkadot (DOT) and Ethereum (ETH) are the key losers, falling by 14% and 11% respectively.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Below is the main data for Cardano (ADA), Stellar (XLM), and Chainlink (LINK):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Cardano 

ADA

$2,424,507,092 $0.093513 $426,620,368 -8.55%

Stellar

XLM

$1,582,810,412 $0.076673 $233,047,005 -5.44%

Chainlink

LINK

$3,870,361,639 $11.06 $1,400,123,814 -9.27%

ADA/USD 

Cardano (ADA) is no longer in the Top 10 list. For the moment, it is located in 11th place, falling by 8.55% in the last 24 hours.

ADA/USD chart by TradingView
ADA/USD Chart by TradingView

Looking at the daily chart, Cardano (ADA) has reached a local support level, which means that a bounce off is likely to occur. What is more, the Relative Strength Index (RSI) is almost on to the verge of the oversold area, which is also a signal for a potential rise. Respectively, the growth may last until the altcoin reaches the $0.1080 mark.

At press time, Cardano was trading at $0.0944.

XLM/USD 

The rate for Stellar (XLM) has dropped the least as compared to other coins from the list. Since yesterday, the decline accounts for 5.44%.

XLM/USD chart by TradingView
XLM/USD Chart by TradingView

Stellar (XLM) is also looking as bullish as Cardano (ADA). Looking at the weekly time frame, the ongoing drop might be considered a correction before a continuation of growth. This is because the long-term trend remains bullish.

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Thus, the selling volume is low, which means that the bears are unlikely to push the rate downwards. That is why the more likely price action would be to reach the local resistance level at $0.0857.

At press time, Stellar was trading at $0.077.

LINK/USD 

Chainlink (LINK) is today's biggest loser. The price for the coin has gone down 9.27% from the previous day.

LINK/USD chart by TradingView
LINK/USD Chart by TradingView

From a technical perspective, Chainlink (LINK) might have already stopped declining as the bulls has gained enough strength for continuing the upswing. The selling volume is decreasing, and the liquidity is low, which means that there are fewer bears that will want to sell at the current prices. All in all, the rate of Chainlink (LINK) may come back to $13.28 by the end of the month.

At press time, Chainlink was trading at $11.48.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.