2019-5-7 18:00 |
The collective cryptocurrency market underwent a bearish move yesterday after a few days in green pastures. Bitcoin momentarily fell on May 6, pulling down the price of almost all altcoins, including XRP and Stellar Lumens. Though XRP saw considerable adoption over the past month in the cross-border remittance industry, the coin failed to register any significant growth in a largely bullish market.
At press time, XRP was valued at $0.305 with a market cap of $12.8 billion and a 24-hour trade volume of $1.12 billion. The coin was in bullish territory and was up by 2.44% over the past day. Stellar Lumens had largely lost momentum after the hype surrounding the IBM World Wire announcement. At press time, the token was valued at $0.097 with a market cap of $1.87 billion and a 24-hour trade volume of $212 million.
XRP 1-day
Source: TradingView
On the one-day chart for Ripple’s XRP, the resistances were found at $0.338, $0.366, and $0.389. Over the same time frame, supports were found at $0.305 and in the $0.293 – $0.290 range.
The Awesome Oscillator indicated increasing bullish momentum. As the candles were below zero, a bearish selling opportunity was in the making.
Chaikin Money Flow indicated that money was flowing out the coin’s market as the marker was below zero.
The MACD line and the signal line were moving sideways as a conjoined pair. However, the histogram indicated minor bullish environment.
XLM 1-day
Source: TradingView
The one-day chart for XLM showcased resistances at $0.118, $0.134, and $0.166. The supports on the chart were traced at $0.100, $0.083, and $0.074.
Bollinger Bands were moving parallelly after a squeeze earlier this month, restricting price volatility. The moving average line was above the candlesticks, predicting a bearish market.
Parabolic SAR markers had aligned below the candlesticks, indicating a bullish market.
The RSI stood at 43; almost in the middle of the band between the 30-line and 70-line. This indicated an equilibrium between buying and selling pressures.
Conclusion
Though the market has turned bullish, both coins found it difficult to post considerable gains. Nevertheless, the prices were expected to go up by small margins.
The post XRP v. Stellar Lumens [XLM] Price Analysis: Stagnant market with minimum gains imminent appeared first on AMBCrypto.
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