Algorand, STEEM, Stellar Lumens Price Movement Analysis 2nd March 2021

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Algorand could see another sale as the 200-SMA planned to pass over the 20-SMA. Finally, STEEM was well on the way to recovery after the sellers flipped the $0.37 resistance mark. Stellar Lumens was likely to register further upside down if its $0.46-resistance amount was reversed in the next few sessions.

Algorand [ALGO]

The On Balance Amount created a series of lower lows as the selling pressure pulled Algorand to the $0.9 support from record highs. In reality, the $0.9 support has been a key level for ALGO over the past week, with the same amortisation of the said selling pressure. However, the market bulls will presumably be checked again at the price range alluded to above, as the 200-SMA (green) looked to cross over the 50-SMA (yellow). This growth could theoretically lead to another round of sales.

At the time of publishing, the MACD sided with the purchasing team, but the histogram noticed that the momentum was slowing down. If press time support is broken, ALGO could travel south to the $0.7 mark.



Source: STEEM/USD, TradingView

The short Bitcoin Bull Run in February was well received by most of the altcoins and STEEMs in particular, with the alt reporting healthy gains of 125 per cent over the last 30 days. However, a pullback in the Bitcoin post-record market saw a 42 percent decline in STEEM’s price. The market bulls were able to respond to the decline as the stock bounced back from the $0.309 support. The OBV made a sequence of higher altitudes when the bulls overturned the $0.37 resistance mark.

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However, the absence of capital inflows appeared to be a factor of concern for STEEM’s potential prospects, as the CMF held far below the half-line. The influx of global capital lent a helping hand to the growth of STEEM to a 22-month peak of over $0.55. If the CMF picks up over the next sessions, the recovery of the STEEM could be smoother than anticipated.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

At the time of publishing, Stellar Lumens, the world’s tenth-largest cryptocurrency, traded at $0.419, up by more than 2% in the last 24 hours. On the 4-hour map, the price of the crypto snapped a sequence of higher lows that underscored the existence of some market buzz notwithstanding some sideways movements. The Awesome Oscillator even tilted marginally in favour of the customers. However, the $0.46-resistance must be reversed if the bulls are to keep hold of the market.

The ADX Tracker was pointed south at press time, with the same focus on the absence of a solid pattern as XLM jumped between $0.46 and $0.356. Trade volumes can be observed due to abrupt price fluctuations in the XLM market.

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