Stellar Lumens has recently registered major losses. However, since a lot of the commodity was not sold on the market, XLM could see any upside down on the next day or two. STEEM also displayed signs that it was poised to rebound when Creator slipped under a triangle pattern and could shift to $1000 on the price charts.
STEEM reported a local high of $0.22 earlier this month and set a lower high of $0.211 a few days ago. Since then, it has faced heavy sales pressure, with crypto selling at $0.177, at the time of publishing.
It saw a candlewick below the $0.168 support mark, but it was easily bought up. The RSI observed a value of 38, suggesting a bearish momentum. In comparison, the Stochastic RSI was deep inside the oversold territory.
Combined with the purchasing pressure that took the price up from the wick to $0.164, it may be that STEEM is primed to attempt a rebound to the $0.185-$0.19 zone. The reaction there is going to set its next course.
Stellar Lumens [XLM]
Although Stellar Lumens did not demonstrate market strength in terms of its price, there was reason to think that XLM was going back to the range of $0.31. The trading rate has been poor over the last few days, and the OBV has indicated that there has been no substantial volume of XLM sold in the last few sessions, despite significant losses.
The $0.223 range gave some pushback and at the time of publishing, XLM was trading at $0.264 below the mid-point range.
If the trend looked bearish, rising above the mid-point and defending the amount would be a justification to believe that XLM is likely to rise towards $0.31 again.
The MACD started to sink to bearish terrain after the MKR closed under a symmetrical triangle pattern and re-tested the $1400-level resistance. The Directional Movement Index also shows that-DMI (pink) and ADX (yellow) both climbed past 20 charts to demonstrate that a clear downtrend was in place.
The 38.2 percent level at $1200 could provide support to MKR if it adjusted the level of support in the coming hours. Further downside for Bitcoin to $27.7k is likely to see MKR move toward $1000 as well.
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