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The bear seems to have struck the cryptocurrency market again with a lot of them seeing red across the entire chart. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have all felt the brunt. Stellar Lumens [XLM] on the other hand has been enjoying a surprising turn of events, beating market expectations and surging on a bull wave.
1 hour:
The trend lines indicate a clear upward trend of Stellar Lumens [XLM] price that has settled to smaller bullish spikes. The charts give a clear indication of the support which has been holding at $0.2479. The bearish run resulted in XLM spiking to its two week high of $0.2539.
The Parabolic SAR has been consistently bullish over the past 24 hours with the chart indicating just one bearish blip.
The Moving Average Convergence Divergence [MACD] graph has consistently stayed above the histogram with the last crossover between the signal line and the MACD line indicating a bearish movement. Both the graphs have been moving in tandem with one another, indicating the absence of massive outbreaks.
1 day:
The Bollinger bands seem to be in the midst of a bullish breakout post a lull a couple of days back. The breakout occurred after 10th October and the bull has not let down XLM yet. The price movement has been contained within the Bollinger cloud with just one bearish drop falling out of it.
The Relative Strength Index shows Stellar Lumens is moving towards the overbought zone, indicating that the buying pressure continues to rise. The analysis shows XLM has mostly tended towards the oversold zone and the recent bullish run has pumped it to the overbought area.
Conclusion:
The majority of the indicators show Stellar Lumens [XLM] continuing on a bullish path for a while after which the prices may settle on a higher support.
Source: CripTalk (https://www.criptalk.com/stellar-lumens-xlm-usd-technical-analysis-cryptocurrency-rides-the-bull/)