Stellar Lumens, THETA Price Movement Analysis for 24th March, 2021

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Stellar Lumens seemed to be running in a range between $0.40 and $0.38, with low uncertainty, while Qtum measured the $7.39-resistance.

Stellar Lumens [XLM]

Losses for the month totalled 14 percent as Stellar Lumens represented a sluggish market after its slide to the $0.354-support level. As the market traded between $0.40 and $0.38, the Bollinger Bands indicated low volatility. Although breakouts have happened on both sides of the channel, the opposing side has been swift to ignore them. Indeed, lower volatility prevented large price swings to the upside, especially because the candlesticks were moving below the 200-SMA (green).

Meanwhile, the ADX Indicator registered a reading of 14 and indicated a poor sector pattern. A surge in 24-hour trading activity will be the first indication of an impending bullish move.


Source: THETA/USD, TradingView

THETA leapt on the crypto-rankings and climbed into the top-10 in the first three months of 2021, resulting in gains of over 600 percent. THETA was selling at a record high of more than $14 at the time of publication, ranking ninth with a market value of $14.1 billion.

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However, the on-chain metrics indicated that the demand was saturated. The RSI indicated a high concentration of consumers, causing the index to change direction. The MACD line remained above the Signal line, but the histogram indicated a lack of momentum. A pullback to $13 or even $12 was likely, and stability would lead to further increases in the coming sessions.

Although the recent rise of popularity in NFTs like THETA has been hard to ignore, any that purchase the tokens with Bitcoin or Ethereum might be taxed.


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