2019-4-5 15:30 |
The arrival of the bulls was celebrated by many cryptocurrencies this week. However, the market fell soon after, a victim of strong market correction forces. XRP, the third largest cryptocurrency on CoinMarketCap, was pumping at press time and Stellar Lumens [XLM], the eighth largest coin, was also seen sailing through a rough market.
XRP I day chart
At press time, XRP was valued at $0.36 with a market cap of $15.09 billion. The 24-hour trading volume of XRP was $2.20 billion and it noted a growth of 17.18% over seven days. Over the last 24 hours, XRP surged by 4.46%. However, the coin had started correcting itself within an hour by 2.12%.
Source: Trading View
According to the long-term chart of XRP, a strong downtrend was observed from $0.5551 to $0.3549, and no significant uptrend was traced on the chart. The cryptocurrency marked resistance at $0.3880 and support at $0.2926.
Bollinger Bands appeared to be diverging, increasing the volatility of the market. The moving average line was under the candlesticks and pointed at a bullish trend.
Awesome Oscillator also pointed towards strong bullish momentum.
Chaikin Money Flow indicated a bullish run as the marker was above zero.
Stellar Lumens [XLM]
At press time, XLM was valued at $0.1244 with a market cap of $2.39 billion. The 24-hour trading volume of XLM was $419 million and it surged by 16.11% over the past week. Over the last 24 hours, XLM grew by 0.82%. However, it was dipping by 1.38% over the past hour.
Source: Trading View
According to the long-term chart of XLM, a massive downtrend was observed from $0.2777 to $0.1229. XLM failed to note any significant uptrend on its long-term chart. The cryptocurrency marked resistance at $0.1349 and support at $0.1009.
Parabolic SAR pointed towards a bullish trend as the markers were aligned under the candlesticks.
MACD line was over the signal line, marking a bullish trend.
Relative Strength Index indicated that the buying and selling pressures had evened each other out. However, the marker was close to the overbought zone.
Conclusion
A strong bullish trend was observed for both XRP and XLM as all the indicators forecast a bullish reign.
The post XRP and Stellar Lumens [XLM] Price Analysis: Bulls lead resistance against market correction appeared first on AMBCrypto.
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