2019-4-10 18:30 |
The volatile nature of the cryptocurrency market has played a major role in driving investor sentiment as the coins witnessed simultaneous bearish and bullish movements. Stellar Lumens [XLM] has come off its price high after the IBM partnership announcement, a reflection of the behavior of the entire market. XRP, the third largest cryptocurrency was still trying to play catchup with Ethereum to regain its position at the number two perch.
XLM 1-day:
Source: TradingView
The one-day graph of XLM showed a downtrend that lowered the price from $0.278 to $0.137. The long-term support of the cryptocurrency was holding at $0.075.
The Parabolic SAR was below the price candles, which indicated that the cryptocurrency was going through a bullish atmosphere.
The Relative Strength Index was near the overbought zone, a sign of the buying pressure being significantly more than the selling pressure.
The MACD indicator had spiked to the top after the signal line and the MACD line underwent a bullish crossover. The MACD histogram was a mix of bearish and bullish signals.
XRP 1-day:
Source: TradingView
XRP’s one-day graph painted a similar picture to that of XLM as an active downtrend lowered the price from $0.522 to $0.322. The long-term support was at $0.257.
The Bollinger bands diverged from each other, indicating a bullish price breakout. The size of the cloud was comparatively more than the previous instances.
The Chaikin Money Flow indicator was above the zero-line because capital coming into the market was slightly more than the capital leaving the market.
The Awesome Oscillator picked up slightly after staying almost negligible for more than a month. The increase in the AO showed that the XRP market momentum had picked up.
Conclusion:
The above-mentioned indicators stated that the cryptocurrency market had come back to its earlier state of sideways price movement. This fact was demonstrated by both XLM and XRP as there was a significant lack of price breakouts after the bullish run that occurred the previous week.
The post XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Prices consolidate as bear takes the driver’s seat appeared first on AMBCrypto.
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