Stellar Lumens, Algorand, STEEM Price Analysis: 02 March

Tuesday 02 March 2021, 11:37 PM AEST - 1 month ago

Stellar Lumens looked likely to register more upside if its $0.46-resistance level was flipped over the next few sessions. Algorand could witness another sell-off as the 200-SMA expected to cross above the 20-SMA. Finally, STEEM was well on its path to recovery after the buyers flipped the $0.37-resistance level.

Stellar Lumens [XLM] Source: XLM/USD, TradingView

At the time of writing, the worlds tenth-largest cryptocurrency Stellar Lumens was trading at $0.419, up by over 2% in the last 24 hours. On the 4-hour chart, the cryptos price snapped a series of higher lows which underlined the presence of some bullishness in the market despite some sideways movement. The Awesome Oscillator tilted slightly in favor of the buyers as well. However, the $0.46-resistance must be flipped if the bulls want to maintain control of the price.

The ADX Indicator was pointing south at press time, with the same highlighting the lack of a strong trend as XLM moved between $0.46 and $0.356. The trading volumes should be observed for a sudden price movement in XLMs market.

Algorand [ALGO] Source: ALGO/USD, TradingView

The On Balance Volume made a series of lower lows as selling pressure dragged Algorand to the $0.9-support from record levels. In fact, the $0.9-support has been a key level for ALGO over the past week, with the same cushioning the said selling pressure. However, the markets bulls could likely be tested at the aforementioned price level once again as the 200-SMA (green) looked to cross over the 50-SMA (yellow). This development could potentially lead to another sell-off round.

At the time of writing, the MACD sided with the buying side but the histogram noted that the momentum was slowing down. If the press time support is breached, ALGO could move south towards the ...

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