The crypto market has turned back to its conventional state with most of the cryptocurrencies moving sideways. The one-hour statistics of the market looks red again with the best performers of last week, including Bitcoin Cash [BCH], EOS, are approaching the bear’s claws.
Considering the weekly report of the market, Stellar [XLM] stands at the top with an 11.73% gain, overtaking XRP which had surged by 10.71%. At the time of writing, XLM is trading at $0.26 with a market cap of $5.83 billion.
The 1-hour chart of XLM shows a resistance point which is set at $0.27. And a support line extending from $0.26 to $0.27 forming an ascending triangle with resistance depicting a healthy price trend.
The Klinger Oscillator made a bearish crossover with the signal line, indicating a slightly bearish trend.
The Awesome Oscillator is also showing a bearish trend in this timeline with the bar chart forming red vertical lines.
However, the Parabolic SAR continues its journey in along with the bullish trend with the dots aligned with the support line.
Considering the 1-day chart, the downtrend is ranging from $0.28 to $0.27 and the uptrend ranges from $0.23 to $0.25. It is being noticed that the resistance level formed in the month of September has not been broken yet. And the trend lines are forming an ascending triangle depicting a bullish breakout in the coming days.
The RSI is currently moving towards the overbought zone demonstrating that the cryptocurrency continues to maintain its buyers’ circle.
The MACD line showed a significant bullish crossover and continued the same trend since then. Currently, both MACD and signal lines are moving towards the bullish zone with a positive histogram.
The Chaikin Money Flow strongly agrees with the above indicators by moving above the 0-line constantly for more than a week.
Majority of the indicators in both the timelines are showing a bullish trend in the case of XLM. Though Klinger Oscillator and Awesome Oscillator are depicting a bearish trend in the 1-hour chart, all the other indicators are providing a strong support to the bull run of the cryptocurrency in a longer run.
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Author: Laira Rebecca