Bloody Tuesday Turned Into Blissful Wednesday For Stellar, NEO, And LEO

The cryptocurrency market can be wild. Sometimes it is cruel and brings painful losses to coin holders, but the next day comes and rewards those who did not panic-sell. Many digital assets suffered from massive losses on Tuesday, but some of them managed to stage s spectacular comeback. Not only did they fully recovered, but they also gained ground in comparison to Tuesday's opening levels. 

We have chosen three altcoins out of top-30 with the most spectacular reversal in the recent 48 hours to find out what is in store for them and if the technical and on-chain metrics support the further price increase.

Stellar lives up to its name

Stellar (XLM) dropped to $0.077 on Tuesday and extended the decline to $0.075 during early Asian hours. However, a strong buying interest clustered around this barrier and triggered a sharp recovery, pushing prices above $0.08. At the time of writing, XLM/USD is changing hands at $0.0805.  

On the daily chart, Stellar has reversed from the lower boundary of the bear flag pattern. The next recovery target comes at $0.09, which coincides with the flag's upper boundary. A sustainable move higher will negate the bearish outlook and bring $0.10 into play. 

XLM/USD daily chart, Flag formation

(Click on image to enlarge)

A break below $0.076, however, will confirm the downward trend's continuation and increase the chances for a steeper decline towards $0.071. This is the lowest price level recorded since September 4, which is reinforced by the 0.78% Fib.

NEO finds bullish inspiration after the sell-off

NEO/USD bottomed at $3.92 on March 12 at has been recovering ever since. The coin is moving within a long-term ascending channel limited by the $14.50 support on the downside and $26 resistance on the upside. At the time of writing, NEO is changing hands at $21.24. This altcoin has recovered after Tuesday's sell-off to $19.39 to trade at $21.25, at the time of writing. 

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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational ...

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