Stellar Lumen’s Lumen cryptocurrency (XLM) is gaining ground slowly in monthly numbers, but it’s lost a bit in the daily and weekly ones. The coin has been quite volatile recently, so the Bollinger bands remain quite extensive around the average. That leaves the possibilities open for a trend that could go either way.
Trading volumes remain very low, almost utterly irrelevant, so the whole picture looks like it’s profiling a sideways period instead of producing great heights or significant lows.
The hourly analysis is for strong sells, while the weekly one is for the bulls (but not too strongly). Most other scenarios are neutral. So what can we make of all this?
24-hour technical analysis.
The current spot price is of $0.12233. That’s slightly under the pivot point, and it’s going down as we write this. The first resistance level is at 0,11058, but we don’t think it could really be tested today because the low trading volumes suggest a prolonged market that’s really not very interested in seeing any exciting changes in the next few hours.
On the other hand, if it should go down, the first support level is at 0,102453 (0,10501, in the Fibonacci), so if tragedy would strike today, that could be the level at which it stops.
Monthly technical analysis
The monthly scenario looks very much the same as the daily one, which is a rare thing. The price is right between the first support level and the pivot point, and the market seems to be going up and down without any real momentum. Most technical indicators point to a sale, and eight out of four moving averages are for buying. So the signs are very contradictory, and this is not time to be placing any high bets.
Outlook
So today is not the day to make big decisions regarding Stellar Lumens. The market is too ambiguous, and it’s a weekend, on top of everything, which tends to be dominated by the bears.
Today is a good day to take it easy, play it safe, and wait to see what XLM does on Monday. Maybe even later.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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