Stellar Lumens, Elrond, Ethereum Classic Price Analysis: 01 March
Stellar Lumens climbed past the $0.39 level on its way to the $0.42 region of supply, while Elrond saw a breakout from a descending channel. Ethereum Classic rose in value but on minimal trading volume.
Stellar Lumens [XLM]
Since the drop to $0.34 a few days ago, the OBV has noted a series of higher lows on the hourly chart. Even though trading volume has been minimal in the past couple of days, the general trend seems to be that of buyer dominance in the market in the short-term.
The $0.39 level was one where XLM was just three weeks past- after a 40% drop in the span of ten days, XLM was back above this level of support. This is a bullish development.
There is still a ways to go, as the highlighted region at $0.42 represents an area of supply that the bulls would need to flip to demand.
The 4-hour chart showed the formation of a descending channel for EGLD- and in the past few days, the price has broken above the channel’s upper boundaries and retested is as support as well.
The 23.6% retracement level ought to serve as support. The MACD climbed above the zero line and although the momentum was neutral at the time of writing, this could change if significant volume is seen in the market.
Ethereum Classic [ETC]
Ethereum Classic bounced off the $10 area once more and was trading at $10.37 at the time of writing. Repeated retests of the same level of support will weaken the area.
A climb above $10.5 would be bullish in the short-term and could see ETC climb higher to test $11.42. The Awesome Oscillator had just crossed above the zero line to show rising bullish momentum – but like many other coins, trading volume was conspicuous by its absence.