We’ve had moderately good news for Stellar Lumen’s Lumen cryptocurrency (XLM) recently. It’s been trading in the red at the tune of 2.6% weekly and 5.04% daily. So, good but not fantastic.
Today it’s been trending low with a couple of retracements. It’s been trading between the 0.1218 and 0.13019 levels, and it’s at 0,1298 as we write this.
The current market sentiment makes it a terrible idea to enter the XLM trade expecting to make a profit in a matter of minutes. If you’re willing to wait for an hour or more, and your nerves are strong enough, then the situation changes. The lights are red in the 5 minute and 30-minute technicals, but they turn green for more extended periods such as the 60 min, 24 hours, and seven days. The green is especially intense for the weekly one.
Hourly technical analysis
The 60 mins analysis shows the market at the first support level of USD 0,1267. So technical behavior would imply that the price is about to bounce back up at any moment in the next 90 minutes as the market moves to support the cryptocurrency. If that fails, the second support level is at 0,1260, and the next one is at 0,1256. So this scenario foresees a technical recovery due to support.
The problem with the “bounce back” idea is that green trading volumes do not support it. At the same time, the Bollinger bands are relatively narrow, and they keep getting tighter, so it’s equally likely for XLM to spend the next hour (or few hours) trading sideways without any discernable trend until something triggers a new pattern.
The numbers look dangerous for the next 24 hours. Every technical indicator is a selling signal, and eight out of twelve moving averages are also for the bears.
In daily terms, we are below the pivot point (0,1329) and ready to test the first resistance level at 0,1319. The other resistance levels are at 0,1406 and 0,1456. So if the price gets to R1 and breaks through on its way up, we could see a very green tomorrow for the Stellar Lumens’ coin XLM.
However, as described in the daily technical, the token seems to be going into a sideways period so while a sharp increase in price seems to be a bit far away, it’s anybody’s guess how long we’ll have to wait to see it materialize. It could take a few hours more, or it could not happen until Tomorrow.
On the other hand, it’s already Saturday in Asia and Europe as we write this and the market is comprised of bulls by 95%, so Stellar (XLM) could still have a great week ahead. But Mondays are times for caution in the crypto verse sometimes.
The weekly scenario is slightly bearish, too. The price is below the 0,1299 pivot point but can rise slowly. The first support level is far down at 0,0971, and the first resistance level is also rather far at 0,1967. Eight moving averages and six technical indicators are in the buy zone.
Still, it would be wise to sit this one out until a discernable trend is evident discernable trend in the charts.
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.