XRP vs Stellar Lumens [XLM/USD] Price Analysis: Bear’s pressure still felt in the long-termMay 11, 2019
The cryptocurrency market had reached bullish pastures as Bitcoin [BTC], the world’s largest cryptocurrency, witnessed a resurgent price hike that also lifted the value of a majority of the top coins. Although the rise in prices was not enough to overturn the effects of the bear market completely, cryptocurrencies like XRP and Stellar Lumens [XLM] saw short-term gains that were a relatively rare phenomenon in 2019.
The one-day chart for XRP displayed a downtrend that resulted in the price falling from $0.367 to $0.318. The long-term support for the cryptocurrency was at $0.29.
The Bollinger bands had diverged slightly, which showed the bullish nature of the market and the slow increase in XRP’s value.
The Awesome Oscillator stated that the XRP market momentum was bearish.
The Chaikin Money Flow indicator was below the zero-line, a sign that the capital leaving the market was more than the capital coming into the market.
XLM’s one-day chart painted a picture similar to that of XRP as the downtrend lowered the value from $0.108 to $0.089. The long-term support for XLM was holding at $0.0753.
The Parabolic SAR was above the price candles which indicated that the cryptocurrency was going through a bearish atmosphere in the long-term.
The Relative Strength Index had bounced back from the oversold zone. This meant that the selling pressure was significantly higher than the buying pressure.
The MACD indicator had undergone a bearish crossover after which it fell to the bottom of the graph. The MACD histogram was a mix of bearish and bullish signals.
The above-mentioned indicators showed that although the market was bullish in the short-term, the control of the bear in the long-term was still unquestionable.
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