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Stellar Lumens, FTX Token, Decred Price Analysis: 13 March

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Source: Pixabay

The broader altcoin market switched its trajectory to green after the market leader Bitcoin climbed above its previous ATH and went past the $60,000 level at the time of writing.

Source: CoinStats

Altcoins FTT and DCR, which were already close to their respective highs, were provided with some extra impetus in their northbound move. Up the crypto ladder, XLM could see a breakout from its present channel thanks to the aforementioned bullish sentiment.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Bullish sentiment picked up in the Stellar Lumens market thanks to strong cues from the market leader, Bitcoin. The price switched to green at the time of writing, while trading volumes were north of the $1 billion mark.

Positive indicators certainly made a case for XLM to break above its present ceiling at $0.46. The MACD was close to a bullish crossover, while the RSIĀ  pointed north from around the 50-mark. A rise above the current channel would present the next challenge at $0.52 resistance, and signal a move away from a channel in which XLM has traded for over two weeks.

FTX Token [FTT]

Source: FTT/USD, TradingView

While FTX Token saw some choppy movement above the $35 level, a higher close over the last trading sessions saw the price trade at its newest ATH. The OBV formed higher lows and showed buying strength behind the uptrend. Meanwhile, the Awesome Oscillator switched to green at the time of writing and negated a bearish twin peak setup.

The coming sessions could likely see FTT continue to snap fresher record levels on the charts, considering a pickup in the broader crypto market as well.

Decred [DCR]

Source: DCR/USD, TradingView

Decred, the cryptocurrency modeled to combat the scalability issues that troubled the king coin, traded at a record high at over $177. DCR’s strong correlation with Bitcoin was an added advantage for its current 2021 bull run, which has already seen gains of over 360% since the beginning of the new year.

The Parabolic SAR’s dotted markers switched sides and moved beneath the candlesticks, signaling the continuation of an uptrend. The Stochastic RSI pointed north from the neutral zone. A rise above the $180 mark was certainly a possibility, barring a pullback in the broader market.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

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