Stellar Lumens, STEEM, Nano Price Analysis: 31 March
Stellar Lumens was rejected above $0.40, but a hike above the said level would lead to extended gains up to the $0.43-upper ceiling. STEEM resumed its uptrend after slipping towards the $1.08-support, while Nano recaptured the $4.69-level but was moving rangebound at press-time.
Stellar Lumens [XLM]
The broader market pullback in late-February led to the emergence of a strong support line at $0.35 for Stellar Lumens. This barrier was tested once again over the past week and proved successful in defending a sharper drop once again. While the alt’s price was quick to recover from the most recent fall, the bears rejected the price above $0.4 and XLM stabilized just below the aforementioned level.
A bearish crossover in the MACD halted the upwards trajectory as the price broke above $0.40, retested the level, and flipped it to a line of resistance after reversing the trajectory. Meanwhile, the RSI pointed north from 50 and underlined a degree of bullish presence in the market. The next target for the bulls would be the upper ceiling of $0.43.
On the 4-hour timeframe, STEEM noted a clear uptrend after breaking away from a consolidation phase over the last week. Gains over the last seven days amounted to 78% as the price jumped from below $0.5 to a local high of over $1.3. At the time of writing, the price picked up and resumed its northbound movement after dipping towards the $1.08-support.
While the RSI did indicate stabilization at lower levels, it was pointing north and suggested a delayed stay in the upper region. In case of a minor pullback, the press time support would likely cut additional losses. Meanwhile, the Chaikin Money Flow moved above the half-line and presented strong capital inflows towards the crypto-asset.
A bounce back from the $4.1-support enabled Nano to recapture the $4.69-level. Its press time channel served as a region of equilibrium between the buyers and sellers as the price moved rangebound during March, with breakouts swiftly negated by opposing sides.
As NANO reclaimed lost ground, the ADX settled around 26 and pictured bullish strength in the market. However, a dip in the same would see the price continue its rangebound behavior on the chart. Conversely, the Awesome Oscillator registered two red bars as momentum switched to the bearish side.