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Stellar Lumens [XLM/USD] Technical Analysis: Bears still reign market, bulls patiently wait for a break

Stellar Lumens [XLM] is performing well when compared to other altcoins as it spiked back up halfway and is steadily trading since the slip of prices on October 29. The community is hopeful of the Starlight project and the market boost it could trigger as they wait for a bull run in the near future.

1-hour

Source: Trading View

Source: Trading View

There is downtrend from $0.2472 to $0.2238, with a few breaks in between. The short-term support is set at $0.2220, while the resistance has formed at $0.2273. The successive resistance will be at $0.2364.

The Parabolic SAR markers are above the prices and it doesn’t seem like its going up anytime soon, indicating a bearish pressure.

The Awesome Oscillator shows red spikes below the zero line, indicating a bearish market.

The RSI line is at the bottom, indicating a slightly oversold position, but does not clearly predict the market.

1-day

Source: Trading View

Source: Trading View

The downtrend is significant from May in the price range $0.45 – $0.2525, with no uptrend in sight in the sideways market.

Bollinger Bands are pretty far from each other, indicating the existence of volatility in the market. The prices are below the exponential moving average, indicating the bear’s dominance.

The MACD line has crossed the signal line to the bottom, indicating a bearish crossover.

The Stochastic Indicator shows the same result as MACD, indicating a bearish crossover to the bottom.

Conclusion

The one-hour chart and one-day chart both point at a bearish market even as the token climbs back to apparent normality. This is showcased by Bollinger bands, MACD, and Stochastic indicators.

The post Stellar Lumens [XLM/USD] Technical Analysis: Bears still reign market, bulls patiently wait for a break appeared first on AMBCrypto.



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