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XRP and Stellar Lumens [XLM] Price Analysis: Brief market recovery fails to extract coin’s price from bear pit

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XRP and Stellar Lumens [XLM] Price Analysis: Valuation continues to fall as recovery signs remains minimal
Source: Pixabay


The collective crypto market exhibited minor recovery, climbing to a market cap of $184 million. The third largest crypto-asset on the CoinMarketCap, XRP held a market cap of $113.73 billion and recorded a price of $0.32, at press time. The coin registered a 24-hour trading volume of $1.65 billion and an insignificant rally of 0.29% over the past 24 hours, at press time.

Stellar Lumens accumulated a market cap of $2.21 billion and a 24-hour trading volume of $256.5 million. The ninth largest digital coin was valued at $0.114 following a minor rally of 1.73% over the last 24 hours.

1-day XRP chart

Source: TradingView

The candlestick arrangement on XRP’s one-day chart exhibited a minor uptrend from $0.30 to $0.33 fueled by the latest rally. Two downtrends were noted on the chart from $0.51 to $0.37 and from $0.36 to $0.26. The resistance points for the chart were at $0.37, $0.45 and $0.51 while the support stood at $0.29.

Parabolic SAR: The dotted markers were above the candles, indicating a bearish phase for the crypto-asset.

MACD: The MACD line was below the signal line, exhibiting a bearish pattern for coin’s valuation.

Klinger Oscillator: The reading line was also below the signal line and predicted a bearish course for XRP’s price.

1-day XLM chart

Source: TradingView

Two uptrends were registered on the one-day XLM chart, from $0.083 to $0.10 and from $0.10 to $0.12, followed by a minor correction. A major downtrend from $0.27 to $0.13 was also recorded.

The resistance for the coin was found at $0.27, $0.20 and $0.16, while the support points stood at $0.084.

Bollinger Bands: The parallel bands implied that XLM’s valuation was following a stagnant course.

Awesome Oscillator: The closing bars of the indicator were red and indicated a bearish pattern for the coin.

Chaikin Money Flow: The CMF was also below the zero-line, indicating that money was flowing out of the coin market. Hence, a bearish price trend for XLM was pictured.

Conclusion

The charts exhibited strong bearish projections for both the coins and reduced volatility for Stellar Lumens [XLM].





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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