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At the time of publishing, FTT was only above the $38.7-support mark, while STEEM was rejected near the 50% Fibonacci retracement level. Finally, Stellar Lumens presented targets for a bullish rebound on the charts above the 50-SMA and 200-SMA.
FTX Token [FTT]
The decline from the $42.4 resistance level to the $38.7 support level marked a drop of more than 8% as FTX Token consolidated after selling at record levels. The overall picture showed that FTT was already on the rise, with monthly gains of more than 90%.
On the other hand, the candlesticks demonstrated some short-term weakness when they moved below their 20-SMA (yellow), but the 50-SMA (blue) served as a hedge against a decline below the press time support.
An ADX reading of less than 25 signalling that the bulls were losing momentum, while the Stochastic RSI stayed in the oversold sector. Moving ahead, the bulls can need to fend off any selling pressure before driving FTT to new highs.
The sellers dominated the 50% Fibonacci retracement range, which was at $0.46, as STEEM was rejected at that level on several occasions. The OBV fell at the aforementioned mark, indicating that sellers countered the northward leap. Lower peaks on the OBV illustrated the market’s selling pressure.
On the positive hand, the Chaikin Money Flow remained above the half-way level, indicating consistent capital inflows. A transfer below the press time channel was impossible, and a northbound breakout could occur after a consolidation phase concluded.
Stellar Lumens [XLM]
Stellar Lumens’ market has been under pressure since hitting a local peak of more than $0.6. From the aforementioned local record to its low point of $0.31 in late February, its stock price nearly halved. Since then, the price has usually stayed subdued under the $0.43-resistance. In reality, losses over the last 30 days averaged nearly 20%, a disturbing indicator for the market’s bulls.
The bulls must tackle many challenges on their way to rehabilitation. A hike above the 50-SMA (blue) will be a successful first move. The second will be to aim for a jump above the $0.43-resistance, which corresponds to the 200-SMA (green).
In the long run, successfully raising above these points will start a comeback. The Awesome Oscillator’s bullish twin peak configuration suggested that XLM was making progress in passing the first hurdle at the 50-SMA. The RSI, on the other hand, was hovering about the 50-point level, indicating market equilibrium.