The previous week had between hovering between $30,600 and $28,800, and the altcoin market imitated the sideways action by the king crypto. MATIC and Stellar Lumens struggled to overcome massive overhead resistance levels, whereas Tezos recorded waning buying momentum in recent days.
Stellar Lumens (XLM)
Crypto experts plotted Fibonacci retracement spots based on XLM fall to $0.104 from $0.15. The area between 61.8% and 78.6% has ensured substantial resistance within the past couple of days. The longer timeframe trend exhibits bearishness while the momentum at shorter timeframes remains neutral.
The Relative Strength Index swayed around the neutral 50 while refraining from depicting trends in either direction. The A/D maintained upside moves over the previous week, forming high lows to confirm some buying strength.
Nevertheless, the token is yet to highlight trend reversals. While writing these lines, XLM traded at $0.1379, losing 1.04% over the past 24 hours.
MATIC presented similar trends to XLM within the past couple of days, as the tokens created higher lows but could not overpower their respective resistance levels. Polygon is yet to flip the zone at $0.75 – $0.79 to demand from the supply.
The Awesome Oscillator (AO) stayed slightly beyond the zero-line, suggesting weak bullish strength at this publication. The Chaikin Money Flow hovered beyond +0.05 yesterday but could not steady above the mark.
Therefore, the market has witnessed substantial capital flow, but that narrative changed over the past couple of hours, and sellers controlled the space. While posting this blog, MATIC traded at $0.6984, following a 1.32% drop within the past day.
The VRVP tool placed the POC (Point of Control) at $1.78. It is where most of the trading happened within the visible range on XTZ’s chart, thus a substantial zone for bears and bulls. While writing this news, Tezos traded at $1.80, dropping around 2.20% in a day.
The Moving Average Convergence Divergence displayed a bearish cross and seemed ready to dive beneath the zero-line. Meanwhile, the on-balance volume remained relatively flat within the past couple of days. Therefore, XTZ didn’t exhibit a significant bias on the shorter timeframes.