Ethereum, Stellar Lumens, Dogecoin Price Analysis: 20 OctoberOctober 20, 2020
The world’s largest altcoin Ethereum was once again moving up and was priced around the $375 mark. Ethereum could soon move towards a more neutral to bullish phase soon.
Stellar Lumens also maintained bullishness while Dogecoin although on an uptrend for the day, was more likely to continue with its price consolidation.
Source: ETH/USD on TradingView
Ethereum at press time was trading just above its $ 377.56 level of support. The digital asset over the last 24 hours also witnessed an impressive bounce above the 50% retracement level highlighted by the Fibonacci Retracement tool.
Selling pressure noted during the day and saw the prices dive back down. However, Ethereum continued to trade in the green zone.
This price dip coincided with the MACD signaling immediate bearishness, with the MACD line diving below the signal line. The bulls, however, continue to remain strong and the upward price recovery post the minor price correction is likely to continue for the digital asset.
Ethereum may start retracing some gains, after claiming the 23.6% level. This may help the ETH market to establish a base, before witnessing another upward price rally.
Stellar Lumens [XLM]
Source: XLM/USD on TradingView
The XLM market has been displaying a persistent uptrend for the past one week gaining almost 20% during this period. In fact, a strong buying momentum, at press time, pushed its price above the key support level at $ 0.084.
The digital asset at the time of writing was trading at $0.085. The Relative Strength Index (RSI), displayed a weakness emerging in the buying sentiment in the short-term period.
However, RSI had been on the rise for the last few days and was still above the neutral 50 zone. Further, the dotted lines of the Parabolic SAR, below the candles, suggested bulls could push the prices towards the $ 0.086 level of resistance, as the scenario continued to favor the bulls.
Source: DOGE/USD on TradingView
At press time, Dogecoin signaled an incoming uptrend with its green closing candles and early signals of bullishness detected on its technical indicators.
Average True Range, used to measure market volatility was in an uptrend, signaling a surge in Dogecoin’s volatility levels. This could support a strong price action, expected for a bullish run.
The Chaikin Money Flow indicator too below the zero line was trying to make a crossover to the top, suggesting an increase in capital inflows might positively impact buy liquidities. This underlined the possibility of an uptick in prices, supported by a higher volatility level.
Much of this volatility can be potentially useful for the bulls in generating strong capital inflow. Although the rise could also die down soon, given the period of sideways consolidation seen in the DOGE market over the last few days.
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