Filecoin, Stellar Lumens, Solana Price Movement Analysis for 3rd May, 2021

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Most altcoins gained at the end of the month, while Bitcoin’s price rose as well. While the biggest cryptocurrency recovered from its earlier setbacks, the altcoin industry was attempting to regain equilibrium after the unexpected increase in uncertainty.

Filecoin [FIL]

Source: FILUSD on TradingView

The Filecoin [FIL] graphic depicted a 10% surge over the last three days, pushing the stock from $147 to $163. Despite reaching a high of $167 at the peak of this rally, FIL experienced a minor correction and was currently trading at a resistance level of $163.

With such a price increase, the momentum has shifted to the bullish side, as purchasing interest has stayed strong. With strong purchasing pressure, the market displayed elevated uncertainty, meaning that traders should brace themselves for another price swing. The separation of the Bollinger Bands indicated increasing uncertainty, while the signal line dipping underneath the candlesticks indicated a bullish market. The digital asset remained near the overbought area.

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Stellar Lumens [XLM]

Source: XLMUSD on TradingView

Despite the increase in fluctuations, the Stellar price has been steadily that. Closer to the current price, Bollinger Bands were creating a big bubble. As the bullish market persisted, XLM was trading at $0.5684 and on the verge of breaking through resistance at $0.5711.

As the asset approached opposition, it was forced into the overbought sector. This meant that the market was already oversaturated with consumers, and that a drastic change in trends might cause the price to fall. The overall market pattern was positive, as shown by the MACD tracker, which stood above the signal line.

Solana [SOL]

Source: SOLUSD on TradingView

Solana’s price increased by 15 percent in 13 hours at the start of May. The stock reached $49.51 before retracing, and SOL is now worth $48.78.

The asset gained help at $46.06 and was now seeing capital flow into it. This was illustrated by Chaikin Money Flow, which had fallen below zero but had resurfaced as purchasing demand increased. This increase in purchasing interest can be seen in the relative strength index, which is currently at 61, approaching the overbought level.

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