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Stellar Lumens [XLM/USD] Technical Analysis: Cryptocurrency succumbs to the bear after price hike

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The cryptocurrency market seems to have broken its bearish trend with many popular cryptocurrencies like Ethereum [ETH], Bitcoin Cash [BCH] and Stellar Lumens [XLM] all seeing green after a long bearish onslaught.

1-hour:

The XLM one-hour chart shows an uptrend after which the cryptocurrency has suffered the bear’s wrath. The uptrend saw the cryptocurrency grow from $0.232 to $0.250 while the downtrend saw the cryptocurrency drop from $0.249 to $0.243. The XLM support has been holding at $0.218 while the resistance has been maintained at $0.257.

The MACD has been holding above the histogram with both the signal line and the MACD line falling towards the bearish zone. The cryptocurrency also saw two crossovers above the MACD histogram.

The Chaikin Money Flow indicator has been falling towards the axis, which is an indication of the bear trend pushing the money out of the market.

1-day:

The one-day XLM graph indicates the support at $0.176 while the marked downtrend has brought the prices down to $0.246 from $0.334.

The Bollinger bands have started diverging after the end of the previous breakout, which is a sign of the bull trying to take over.

The Awesome Oscillator points to the market momentum reducing after the change in investor sentiments. The earlier bull market saw the market momentum shoot up stupendously.

Conclusion

The above-mentioned indicators suggest that the bear is trying to wrestle control from the bull after a brief hiatus. The MACD, CMF and the AO all point to a bearish market while only the Bollinger band has taken the side of the bull.

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