Stellar Lumens [XLM] Technical Analysis: Bears claim throne as bulls move back to shadows
It has been a gloomy couple of months ever since Bitcoin [BTC] slipped from its all-time high, with altcoins like XRP, Litecoin [LTC] and Stellar Lumens [XLM] being the collateral.
XLM has seen the sideways market like the rest of the coins, but the community is hoping for a bullish run with the recent Starlight development’s announcement.
The bear market is clearly indicated by the downtrend starting from $0.2580 to $0.2397. The market has already broken the first support at $0.2374. The new support has been set up at $0.2356. The resistance is set at $0.2472, following which the next resistance is at $0.255.
Parabolic SAR shows the SAR markers starting to develop above the candles, indicating a bearish pressure developing over time.
Awesome Oscillator shows red spikes taking over the green spikes, indicating a shift in market momentum from buyers to sellers.
Stochastic Indicator shows bearish crossover has caused the downward movement of prices after a brief period of bullish cross over just after October 26.
The trend line as indicated by the chart shows a bearish trend. The prices indicated by the trend line is from the range of $0.4582 during April to $0.02252. The resistance line is at $0.3336 set in July.
Bollinger Band indicates the candles are below the moving average line tilting towards the lower part, indicating the bearish move of the market. The bands in itself are not too far apart, depicting the reduction in the volatility of the market.
MACD indicator depicts a bearish move as the MACD line has crossed the signal line and is heading downhill.
The RSI momentum indicator is ebbing away to the bottom, indicating sellers dominating the buying pressure, hence a bearish move is expected.
While ups and downs in prices can be expected, almost all the indicators are sihgnalling a strong bearish market. This prediction lies in agreement with the existing downward market trend as well.
Subscribe to AMBCrypto’s Newsletter