2019-4-11 19:30 |
The cryptocurrency market’s rollercoaster movement resumed again, with coin prices becoming more and more volatile. Cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] enjoyed a decent bullish run last week. However, XRP, the third largest cryptocurrency on CoinMarketCap, suffered an opposite fate. XRP’s competitor, Stellar Lumens [XLM], which is gunning for XRP’s remittance solution throne, also settled into sideways price movement.
XRP 1 day
Source: TradingView
The one day chart for XRP showed a downtrend that resulted in the price dropping from $0.522 to $0.36. The long term support was at $0.285.
The Bollinger bands were apart from each other due to the slight price outbreak. Due to the lack of any further updates, the bands had begun to converge slightly.
The Chaikin Money Flow indicator was below the zero line, a sign of the capital leaving the market being more than the capital coming into the market.
The Awesome Oscillator increased in amplitude slightly after market momentum picked up from being almost negligible on the charts.
XLM 1 day
Source: TradingView
XLM’s one day chart painted a similar picture to that of XRP, as the downtrend lowered the price from $0.0278 to $0.0135. The long term support for XLM was at $0.073.
The Relative Strength Index fell to the middle of the graph, an indication of the selling pressure and the buying pressure leveling out.
The MACD indicator moved as a conjoined pair after having undergone a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.
The Parabolic SAR’s dotted markers were largely under the price candles. However, the last cycle before press time suggested some bearish activity.
Conclusion
The aforementioned indicators showed clear-cut signs of sideways movement having crept back into the cryptocurrency market. The only positive takeaway at the time of writing was the fact that market momentum had picked up in the industry after a lacklustre few months.
The post XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Sideways movement continues as bears trap bulls appeared first on AMBCrypto.
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