Stellar Lumens’ XLM cryptocurrency, also known as Lumen, is having an exciting day. The coin is trading in red numbers, 2.47% daily, and 5% weekly, at the price of $0.123637 as we write this.
Even trading in the red, the XLM market is very active today so it could be a good option for those who are disciplined enough and keep an eye open.
Before we delve into the daily and monthly technicals, we will start by saying that the charts show that the bulls and the bears are really fighting it out today. Both sides are very active, and the Bollinger bands are relatively wide. That means that the price is currently volatile. It also means that there’s room for a trend to develop in the next few hours or so.
24-hour technical analysis
The daily technical analysis is mostly bullish. You wouldn’t think that at first glance because the price is below the pivot point (0,12942) and going down. Yet, ten out of twelve moving averages are bullish, and most technical indicators are signaling to buy as well.
There is plenty of trading volume for both sides, but the bulls seem to be slightly more active than the bears.
The daily picture is showing us a market that’s worth observing closely for a few hours so you can get in the action at the right moment. But it’s fluctuating a lot – not precisely moving sideways because the volatility is too high for that – so you could make a profit in a matter of minutes but also lose a lot.
Monthly technical analysis
The monthly is just as confusing. It’s neutral for the most part with the price above the first support level (0,09402) but still below the first resistance level.
Moving averages and technical indicators won’t give us any useful information for now because they’re too divided between bulls and bears.
The Lumen price could keep going up and down all day long, as it’s done for hours already. It could also take off or plummet at any time.
There is plenty of liquidity, lots of activity and trading volumes but no clear trend that could justify any decision at all.
The most significant support level will be 0,09402, but it’s unlikely to go that low. The resistance, on the other hand, could materialize at 0,016673, which is also not a reasonable level for today.
As stated before, this is a good day to keep a close eye on Stellar Lumens because a trend could appear at any moment. But until such a pattern emerges, the best idea is to stay away from taking any positions at all.
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.