Stellar Lumens, YFI, Harmony Price Analysis: 08 April
Stellar Lumens bounced off the $0.45-level to trade just under the $0.5-resistance. YFI registered a bearish divergence and Harmony’s charts suggested that the selling pressure of the past two weeks was not at an end yet.
Stellar Lumens [XLM]
Since the 25th and 26th March, XLM has seen strong gains from the $0.35-level of support. On the OBV, an uptrend was seen as well. This showed that the rally was on the back of demand from buyers, a demand that was not dented by the recent wave of selling.
The OBV showed only a slight pullback even as XLM fell from $0.53 to touch $0.45, showing that the buyers still had strength in the market despite recent corrections. The MACD formed a bearish crossover, but was above zero. There was some resistance at the $0.5-level, and a retracement level at $0.52 to act as resistance as well.
YFI has been noting a bearish divergence on the 4-hour chart for a few days now. The previous one, when YFI reached $41,600, saw a pullback to $38,000 before the next leg upwards. However, the RSI had made a lower high.
This could see YFI reach the $41,500-$42,000 region, or drop further to touch $39,000. Pullbacks to these levels will be an opportunity to buy. Flipping the $38,000-region to support in the past few days was a sign of bullish strength and YFI could have further upside beyond the $44k-mark in the days to come.
The 20-period EMA (white) was moving below the 50-period EMA to indicate recent bearish pressure. The Accumulation/Distribution line was also on a steady downtrend since ONE reached a local high of $0.22.
The Parabolic SAR gave a buy signal after ONE bounced strongly off the $0.123-level of support, and the Awesome Oscillator made a bullish crossover as well. Despite these signals, it would be a risky decision to go long. The A/D would have to change its trend before buyers can be considered to possess strength.