The cryptocurrency market has formed a bearish divergence as the positive momentum has weakened. Nevertheless, several altcoins, closely mimicking Bitcoin’s price movements, have resumed an uptrend over the last 24 hours.
Stellar Lumens [XLM]
XLM saw strong gains over the past week and was trading just beneath its immediate resistance which also happens to be its 2020-high. However, the near-term technicals painted a bearish picture.
At the time of writing, XLM was priced at $0.101 after a rise of 1.61% over the last 24-hours. In addition, the 14th-largest cryptocurrency recorded a market cap of $2.082 billion and a 24-hour trading volume of $188 million.
However, the signal line dominated in both Klinger Oscillator as well as MACD after a bearish crossover. This indicated that the coin’s price could perch close to its key support of $0.094. A failure to hold this level could prompt a drop to $0.86.
Chainlink’s price has dramatically increased over the past eight months. While it hasn’t been able to surpass the recently seen all-time high yet, however, the LINK token regained its momentum.
Over the past day, LINK was up by 8.55% which drove its price to $15.41 as it registered a market cap of $5.39 billion and a 24-hour trading volume of $1.89 billion.
Despite the overall positive performance, the bears were aggressively defending the resistance at $19.19. This essentially signaled a potential dip close to its support at $110.28. Besides, the red closing bars of Awesome Oscillator aligned with the bears. The Chaikin Money Flow also indicated an outflow of capital from the LINK market.
Tezos witnessed a rather sluggish price action over the seven days. After withdrawing from its resistance of $4.3, XTZ was observed to be following a downtrend.
The token appreciated by 3.04% over the last 24-hours which propelled its price to $3.49 at the time of writing. The 13th-largest cryptocurrency’s market cap stood at $2,58 billion and a 24-hour trading volume was observed to be at $208 million.
Despite a miniature uptrend, the dotted markers of the Parabolic SAR hovering above the XTZ price candles depicted a bearish trend for the coin. The RSI was also below the 50-median line indicating a rising sentiment of selling pressure in the market. If the coin’s value sinks to $2.4 support level, this could provide an opportunity for the buyers, subsequently leading to a trend reversal.