Stellar Lumens, MATIC, and Tezos Price Analysis: 18 May
Bitcoin has traded between the $30.6k and the $28.8k for the better part of the past week, and its sideways price action was imitated across much of the altcoin market. Stellar Lumens and MATIC struggled to break past strong zones of resistance overhead. Tezos did not see large buying pressure in recent days either.
Stellar Lumens (XLM)
Based on the drop from $0.15 to $0.104, Fibonacci retracement levels (yellow) were drawn for Stellar Lumens. The 61.8%-78.6% area has offered significant resistance in the past few days. The longer timeframe bias remains bearish, and on the shorter timeframes, the momentum appeared to be neutral.
The RSI hovered about the neutral 50 line and did not show a trend in either direction to be in progress. The A/D indicator has climbed in the past week, to form higher lows, which is evidence of some buying pressure. However, a trend reversal might not be on the cards yet.
MATIC had pretty similar price action to XLM in the past few days, as they both formed higher lows but were unable to break out past resistance levels. For MATIC, the $0.75-$0.79 area has not been flipped from a supply to a demand zone yet.
The Awesome Oscillator was just barely above the zero line, to signal weak bullish momentum at press time. The CMF had been above the +0.05 mark the previous day but was unable to stay above it. Hence, there had been significant capital flow into the market, but this has changed in the past few hours, and sellers had the upper hand.
The Visible Range Volume Profile tool showed the Point of Control to lie at $1.78. This level is where the largest amount of trading by volume has occurred over the visible range on the chart, and therefore it is a significant level for both bulls and the bears.
The MACD formed a bearish crossover and was on the verge of diving below the zero line, while the OBV has been quite flat in the past few days. Hence, there was no real trend behind XTZ on the lower timeframes.