The cryptocurrency market’s bullish movement has been a sight to watch with several assets going up in value. Altcoins have followed Bitcoin on the rise and have reaffirmed the ‘altcoin surge’ among the community.
Stellar Lumens was one of the cryptocurrencies on the bull’s back with its value shooting up over the past week. At present time, Stellar Lumens was trading for $0.07 with a total market cap of $1.49 billion. The cryptocurrency’s 24-hour market volume was at $569.37 million after going green on all the time frames.
On the hourly chart, Stellar Lumens was clearly on an uptrend by bouncing off its immediate support. The immediate support was at $0.0711 while the resistance held at $0.091.
The Parabolic SAR was below the price candles for a sustained period of time. The markers staying below signified that Stellar Lumes was heading through a bullish atmosphere.
The Relative Strength Index was also climbing up on the ranks. According to the RSI, the XLM buying pressure was much higher than the selling pressure.
The Chaikin Money Flow was above the zero line after following a sinusoidal pattern for the past couple of weeks. The rise showed that the capital coming into the XLM market was more than the capital leaving the market.
The daily chart showed a small dip after a momentous rise from the start of the year. The immediate support was formed earlier at $0.0622 after which the cryptocurrency has not looked back.
The Relative Strength Index had fallen into the range of the bands again after a phenomenal performance above the overbought zone. This may be due to the slight dip in prices over the earlier weeks.
The Chaikin Money Flow had significantly gone up since the start of 2020. Some experts of the cryptocurrency field have claimed that Stellar Lumens’ significant partnerships may the reason why there was an increase in institutional capital.
The Parabolic SAR was above the price candles for the short term. The markers went up after a parabolic rise from the middle of January.
In the long term. Stellar Lumens seems to be improving on a price scale. Despite the reduction in market pressure, institutions have continued to pour money into the Stellar Lumens ecosystem.