The behavior of the cryptocurrency market has been volatile as always as the beginning of the week saw a stupendous increase in prices and as the week ended, the prices went back to a state of sideways movement. XRP, the third largest cryptocurrency was one of the worst performers during the bull run, while Stellar Lumens [XLM] witnessed a small positive bump in prices.
The one-day graph for XRP showed a downtrend that lowered the price from $0.556 to $0.356. The long-term support was holding at $0.263.
The Bollinger Bands had diverged away from each other due to the sudden price outbreak. The divergence slowed down due to the return of the bear.
The Chaikin Money Flow indicator was above the zero-line, which meant that the capital coming into the market was more than the capital leaving the market.
The Awesome Oscillator picked up momentum very slightly after being almost negligible. The increase in the AO’s amplitude stated that the market momentum had increased.
XLM’s one-day graph painted a bearish picture after the visible downtrend took the prices down from $0.280 to $0.123. The long-term support for the cryptocurrency was at $0.074.
The Parabolic SAR was below the price candles at press time, a sign of the cryptocurrency going through a bullish phase.
The Relative Strength Index was at the overbought threshold because the buying pressure was significantly higher than the selling pressure.
The MACD indicator moved as a conjoined pair after the signal line and the MACD line underwent a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.
The above-mentioned indicators showed that the recent bullish spike was a short-lived one and that it will take more time for the market to rally in a more significant and more consistent manner.
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