Stellar Lumens traded below its 20-SMA and underlined a bearish market as the price headed towards its $0.24-support level. WAVES moved below an ascending parallel channel and a fall towards the $6.4-support could offer confirmation to the pattern. Finally, DASH found support at $130, but limited buying activity and trading volumes could keep the price on the bearish side.
Stellar Lumens [XLM]
Stellar Lumens slipped below its 20-SMA (yellow) as weak trading volumes and a lack of buyers hurt the price over the last 24 hours. In case of a further pullback and a fall below the $0.24-support, the 200-SMA (purple) could offer some relief to XLM. If the broader market remains little changed over the next few sessions, XLM could move rangebound between its immediate support and resistance levels.
Since the candlesticks moved onto the lower band of the Bollinger Bands, and a potential reversal was on the cards, a bullish case scenario could see the price move towards the upper band and its 50-SMA (black).
The Awesome Oscillator noted some bearish momentum in the price, but it was not strong enough to justify a move below the $0.24-support.
WAVES moved below its parallel channel and breached the $6.74-support. The price was looking to retest this aforementioned support at the time of writing, and the next few sessions could confirm a southbound breakout or a move back within the parallel channel.
The Stochastic RSI was in the oversold zone and a reversal towards the overbought zone could see WAVES head back towards the $7.37-level.
On the flip side, the MACD’s bearish crossover suggested that the price might weaken over the next few sessions. In such a case, the support at $6.4 could be in the spotlight.
Dash exhibited bearishness at press time as the price traded close to the $103-support, down by over 5% in the last 24 hours. Despite the pullback, the bulls could hold on to the strong support level as momentum looked weak on the bearish side. The lack of momentum suggested that DASH could move within a fixed channel, with the press time support level being the focus in the short-term.
The On Balance Volume underlined a lack of buyers in the market as the index moved flat in the lower zone.
The Relative Strength Index also stabilized near the oversold zone. However, the RSI did not specify a strong move in either direction.
Sign Up For Our Newsletter