The entire cryptocurrency market is seeing a strong bearish trend in the 24-hour statistics as per CoinMarketCap. At the time of writing, Stellar [XLM] is trading at $0.26 with a market cap of approximately $4.9 billion. XLM moved one position ahead by overtaking EOS yesterday and continues to retain its 5th position in the market. However, it can be noticed that the cryptocurrency has slumped by more than 3% in one day.
The 1-hour chart of XLM shows uptrends extending from $0.266 to $0.285 and $.259 to $0.272. It also has a downtrend from $0.285 to $0.270, which is currently not testing any support levels.
The Awesome Oscillator depicts the entry of a bearish trend as it is forming red bars on the histogram in the current time frame.
The Klinger Oscillator has just taken a sudden bullish crossover and has started to move above the signal line, demonstrating a possible short-term bull run in the next couple of hours.
Bollinger bands have started to converge, indicating a reduced volatility in the market. This comes after an irregular Bollinger cloud formation in the past.
The 24-hour chart of Stellar [XLM] shows a downtrend from $0.33 to $0.27, which is testing support at $0.20. The resistance levels are set at $0.28 and $0.33.
The Parabolic SAR shows a prolonged bullish signal with the markers constantly staying below the candlesticks and moving in an upward direction.
MACD is demonstrating a positive sign as the moving average line took a bullish crossover and the histogram is forming green bars.
Chaikin Money Flow indicator has managed to stay in the bullish zone though it is gradually moving closer to the zero line. In spite of the overall bearish market trend in the past 24 hours, the inward money flow seems to be normal in the XLM market.
Stellar might see an upward momentum as implied by the long-term indicators. There is a slight chance of bears taking over the market if the investor sentiments continue to diminish.
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Author: Laira Rebecca