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Analysis

Stellar Lumens, Uniswap, Elrond Price Analysis: 07 February

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Source: Pixabay

Stellar Lumens broke out past the range it was trading in since early December and eyed a $0.42 price point as a medium-term target. Uniswap faced some selling pressure and could retest $17.4, while Elrond surged past $100.

Stellar Lumens [XLM]

Stellar Lumens, Uniswap, Elrond Price Analysis: 07 February

Source: XLM/USD on TradingView

Stellar Lumens broke out of the range it was previously trading in, retested the range highs as support, and was primed for a move upward. Based on the width of the range, a projected bullish target for this XLM breakout is $0.48.

The breakout occurred on high trading volume, which saw the OBV spike as well. This is a sign of market conviction. XLM has bullish momentum behind it and is likely to reach $0.4 over the next few days.

Considerable resistance is likely to be found at $0.42, which represents the halfway point to the projected target post-breakout beyond $0.36.

Uniswap [UNI]

Stellar Lumens, Uniswap, Elrond Price Analysis: 07 February

Source: UNI/USDT on TradingView

UNI showed a bearish divergence as the RSI showed waning bullish momentum while UNI surged higher. This saw it form a local top at $21.16, unable to close a trading session higher as bearish pressure set in.

Subsequent trading sessions saw UNI post losses as the RSI dived beneath neutral 50 and retested it as resistance to denote a short-term downtrend.

The $18.65 and $17.4 are imminent levels of support for UNI, and it looked likely to dip to as far as $17.4 over the next couple of days.

Elrond [EGLD]

Stellar Lumens, Uniswap, Elrond Price Analysis: 07 February

Source: EGLD/USDT on TradingView

EGLD had strong bullish momentum- it has been months since the last time the Awesome Oscillator was below the zero line on the longer timeframe chart. The A/R indicator also was in an uptrend, supporting the uptrend that EGLD currently finds itself in.

The Fibonacci retracement tool gives a 27% and 62% extension level for EGLD to be $105 and $164. The 27% level is about to be met, and the 62% level could be reached in a matter of weeks.

However, the trading volume has been in a steady downtrend over the past few weeks. This is a worrying disagreement between a strong price movement and a corresponding lack of conviction in the market. Although it doesn’t signal a retracement yet, it is a warning signal to new investors.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.