Stellar Lumens Price Movement Analysis for 14th March, 2021

Spread the love

 266 Interactions,  2 today

Stellar Lumens has done very well in the markets after it rose above $0.1 in November, setting a local record of $0.56. Since then, though, it has faced steady sales pressure, and over the last few days, the market has consistently tested the supply area at $0.43 but has not been able to break out beyond.

Stellar Lumens 1-hour chart

The short term view for XLM is bearish. XLM’s attempts to ascend above the $0.41 mark have been seen in the past two days, but the bulls have been unable to make such a jump. The highlighted region of about $0.43 was plotted on the basis of a 4-hour map and indicates an availability field of about $0.43 in which XLM has been refused several times during the past three weeks.

This area was shifted from supply to demand for about ten days in February, but XLM sunk down below this area after Bitcoin’s slide from $58k to $45k.

RECOMMENDED READ:  Dash, Tezos,  Waves Price Movement Analysis for 15th March, 2021

Closing a trading session below $0.4 was an indicator that XLM was going to $0.382 in the coming hours, even as little as $0.363 in a couple of days.

Reasoning

On the hourly scale, the RSI slipped below neutral 50 and appeared to re-test it as a resistance even as the market sank below the previous level of support. This has shown an increase in the bearish momentum in the short term. The longer timeframes also demonstrated a similar change in momentum.

The OBV has been in a slow downtrend. The rebound of $0.37 saw a noticeable sales volume. The rebound forced the market over $0.4, but the bulls were not able to hang on.

Conclusion

The $0.35-$0.363 area may be the price of XLM trades in the coming days due to the strain on the bear. This will be a place to watch at new trading opportunities if the bulls managed to protect it on repeated retests. Losing this region could see XLM falling to $0.284, but for the next two days, $0.383 and $0.363 are the amounts of help to watch.

RECOMMENDED READ:  Tencent blockchain investment comes from a 500B Yuan total

Leave a Reply

Contact Us