Press "Enter" to skip to content

XLM Price Analysis: The bears lead by an inch

Cryptocurrency

The protocol token of the stellar network- the lumen abbreviated as XLM ranks 10 according to the stats of Coinmarketcap. The price of XLM at the press time was $0.77034 with a market cap of $1.559 and a 24-hour trading volume of $323 million. BKEX traded a major chunk of these coins via XLM / USDT pair.

1 Hour Chart

Source: XLM / USD TradingView

 

The short term chart exhibited an uptrend extending from $0.0673 to $0.07406 and a downtrend extending from $0.0882 to $0.0779. The resistance was at $0.07797 and the support was held at $0.06902.

The Bollinger Bands had begun to diverge slightly indicating that the coins were increasing its volatility.

The Awesome Oscillator showed that the coin was entering the bearish market with great momentum.

Relative Strength Index: The line was dipping below the 50-line indicating that the selling pressure was increasing putting the coin in the bearish market.

1 Day Chart

Source: XLM / USD TradingView

The short term chart exhibited an uptrend extending from $0.08650 to $0.11879 and a downtrend extending from $0.15993 to $0.08768. The resistance was at $0.08860 and the support was held at $0.06757.

Parabolic SAR: The dotted line was going up hinting that the coin was under the bullish market.

Chaikin Money Flow: The CMF line was below the zero line indicating that the outflow of the capital was higher than the inflow putting the coin in the bearish market.

The MACD line was clearly above the signal line suggesting that the coin was under a bullish trend.

Conclusion:

Though the MACD and Parabolic SAR suggested a bullish run for the coin, rest all indicated that the coin was under a bearish influence in the market (at the time of writing).

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.