Stellar Lumens presented targets above the 50-SMA and 200-SMA for an upward recovery in the charts. STEEM was once again rejected around the 50% Fibonacci retracement level.
Stellar Lumens (XLM) price analysis
Since capturing a local high of just over $ 0.6, Stellar Lumens has plummeted. The market price almost halved from the above-mentioned local peak to its low of $ 0.31 at the end of February. After that point, the price generally stayed below the $ 0.43 resistance. Losses in the past 30 days have reached almost 20%, a sign of concern for the bulls in the market.
To recover, bulls have to overcome many obstacles along the way. A walk above the 50-SMA (blue) can be a step in the right direction. The second will be to target a move above the $ 0.43 resistance, a level that coincides with the 200-SMA (green).
Successfully going above these points will start a return in the long run. The rising twin overhead installation on the Awesome Oscillate suggests that XLM has made some progress in overcoming the initial hurdle at the 50-SMA. However, the RSI has settled around 50, indicating equilibrium in the market.
STEEM price analysis
The 50% Fibonacci retracement level at $ 0.46 is controlled by sellers as STEEM has been rejected many times at this level. OBV also experienced a decline, showing that sellers were blocking the upward movement. The low peaks in OBV highlight the selling pressure prevalent in the market.
On the plus side, Chaikin Money Flow remained above the half line showing stable capital inflows. A move below its current channel is unlikely, and an upward break may occur after the end of a consolidation period.