Stellar Lumens has briefly pulled back from relative highs at the psychologically and technically significant $0.50 level. It found support at the central moving average of the KRI at $0.41. Both Kovach momentum indicators are bullish, indicating that XLM is just getting started, though we must break $0.50 which seems to be a significant sticking point for XLM. If we retrace, we'll see support from $0.43, and $0.40, the upper bound of the range we saw several days ago, and the central moving average of the KRI at this time. Then we'll see further support from below at the lower bound at $0.35. If we can continue the breakout from current levels, then we will face resistance from congestion at $0.47 again, which we've noted before, then again at the psychological and now technical level of $0.50, but after that there is a vacuum zone from above until $0.65.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!
Wouldn't you think that to establish a level of support or resistance that you need volume, lots of activity at that level? Your chart doesn't show the volume, but on mine I see little previous activity at the .40 level you've mentioned. If there's any desire to dump tokens it should be easy for the sellers to satisfy the presumably limited number of buyers at .40 and carry on down. If there were any buyers around they're not showing up in the volume chart at the moment.
quantguy
⋅
@germac, sure there are technical levels and points of control. Points of control are characterized by high volume as buyers and sellers find a fair price, which validates the level and makes it 'stronger'. Technical levels can be things like Fibonacci levels, highs, lows, congestion areas, trend lines, etc. Since Cryptos are still highly technically traded, they still obey these.
unfortunately xlm/btc is weak, i suspect in a btc wave 5 run in the next couple months that xlm will be at the will of btc.
quantguy
⋅
@whoisthelorax, yes, we are seeing that. BTC is strong right now, pulling interest away from the alts at the moment. Eventually this will pull back, giving them their day in the sun