Stellar Lumens has rebounded from the $0.45 mark to trade only below the $0.5 resistance level. YFI registered a bearish divergence, and Harmony’s charts indicated that the selling momentum of the previous two weeks had not subsided.
Stellar Lumens [XLM]
Since the 25th and 26th of March, XLM has seen solid gains from the $0.35 support range. The OBV also showed an upward trend. This demonstrated that the rally was driven by buyer demand, which had not been dampened by the recent surge of selling.
And as XLM dropped from $0.53 to $0.45, the OBV only saw a marginal pullback, indicating that buyers remained strong in the market despite recent corrections. The MACD created a bearish crossover, but it was greater than zero. There was some pressure at the $0.5 mark, as well as a retracement level at $0.52 that also served as resistance.
For a few days now, YFI has shown a bearish divergence on the 4-hour map. The previous one saw a pullback to $38,000 before the next leg upwards as YFI hit $41,600. The RSI, on the other hand, had reached a lower high.
This could cause YFI to trade in the $41,500-$42,000 range, or it could fall even further to $39,000. Pullbacks to these thresholds would be a buying chance. The recent conversion of the $38,000-region to support was an indication of bullish momentum, and YFI may have more upside above the $44k-mark in the days ahead.
The 20-period exponential moving average (white) was moving below the 50-period EMA, indicating recent bearish strain. Since ONE hit a local peak of $0.22, the Accumulation/Distribution line has already been on a slow downward slope.
After ONE bounced firmly off the $0.123-level of support, the Parabolic SAR signalling a buy, and the Awesome Oscillator even signalling a bullish crossover. Going long would be a rash choice despite these signs. Until buyers can be considered to be solid, the A/D must change its pattern.
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