Inspired by the recent surge in Bitcoin prices, Monero and Algorand altcoins increase with the wider market. Stellar went against the grain and saw the price drop.
Stellar lumens [XLM]
Source: XLM / USD, TradingView
Unable to maintain the upward momentum set by the price of Bitcoin, Stellar is experiencing a volatile December. Crypto assets hit a 2 week high last week. But they have retracted in the last few days. At press time, Stellar was trading at $ 0.15, down 6.4% from last week. Its weekly drop placed XLM among the biggest weekly losers of the week, among the top 15 coins by market cap.
XLM’s 4-hour chart showed the cryptocurrency was trading near its support at $ 0.144. It drops below its resistance at $ 0.176 a few days ago. In the short term, XLM could continue to trade between the $ 0.145 channel and $ 0.176.
The Relative Strength Index highlights that selling pressure had persisted throughout the month. The index has fallen steadily. It was now showing that prices were trading in the oversold territory.
The MACD indicates a continuous period of decline for XLM as the fast line moved below the signal line. The red bars on the histogram also increased. They indicate that the XLM bear race could go on longer. If prices were to break below the current support level, the support at $ 0.09 could form a defensive barrier.
Source: XMR / USD, TradingView
Unlike Stellar, Monero seemed to be on the road to recovery after falling prices following Bitcoin’s minor correction. At the time of going to press, Monero was trading at $ 156.6, up 7% in the past 24 hours.
The chart showed Monero to have been in an uptrend since last November. An upward movement over the past two days sees Monero rebounding from its support at $ 142 and breaking through the cap at $ 152. In the short term, prices could continue to rise. It trades between the $ 152 channel to $ 160, with the latter being the next resistance level.
Parabolic SAR indicates the start of a short term bull run. The dotted line increasing with the prices. The resistance at $ 160 would be a focal point as prices could test this ceiling.
The awesome oscillator also represented bullish momentum for Monero. The green bars were moving above the zero line.
Source: SOMETHING / USD, TradingView
Like Monero, Algorand also appears to have recovered after a price correction. At the time of going to press, the cryptocurrency was trading at $ 0.35, up 5% in the past 24 hours.
A look at ALGO’s 4-hour chart indicates that prices have been consolidating since late November. It characterized by its lows and lows. In the near future, prices may continue to consolidate and trade sideways, in the $ 0.32 and $ 0.35 channel.
Bollinger Bands have shown that volatility is decreasing from the past few days.
The Chaikin Money Flow indicated that the capital was returning to the crypto asset after declining steadily from mid-December. Capital inflows have suggested that prices may increase in the near future. Likewise the resistance at $ 0.37 could be tested.
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