This week, cryptocurrency prices had a relatively muted performance as a sense of fear spread in the market. Bitcoin remained below $26,000, while American indices such as the Dow Jones, Nasdaq 100, and S&P 500 retreated. The US dollar index (DXY) rose to its highest level in five months.
XDC Network has had one of the best performances this year. It began 2021 at $0.024 and peaked at $0.093 in August. Recently, however, the token has pulled back and is now ~40% below the highest level this year. It is currently consolidating at the 25-period and 50-period exponential moving averages. Additionally, its volatility has dropped, as seen in the falling Average True Range (ATR) indicator. Consequently, the outlook for the XDC Network is bearish, with the initial support at $0.50. Traders should focus on the resistance at $0.067, as a move above that level will see it continue its bullish trend to $0.08.
Cronos, formerly known as Crypto.com coin, has been in a bearish trend as demand for the coin has decreased. Its DeFi ecosystem has also seen outflows, with the total value locked (TVL) falling from over $4.4 billion to less than $500 million. Cronos price found a strong support at $0.050, and it remains below the 50-day moving average and the descending trendline. The Stochastic Oscillator has also tilted upwards. Thus, the CRO price outlook is neutral for now. More downside will be confirmed if the price drops below the support at $0.05.
Astar Network is a leading blockchain on Polkadot’s ecosystem. The ASTR token has been in a bullish trend after it bottomed at $0.0322 on June 10th. It has jumped by more than 70% to the current $0.06 and formed an ascending channel. It has also jumped above the 23.6% Fibonacci Retracement level while the Stochastic Oscillator has drifted upwards. Therefore, the Astar token price will likely continue rising as buyers target the key resistance point at $0.070, the highest point on August 23rd, and the 38.2% retracement level.
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