Stellar Lumens, NEM, Maker Price Analysis: 19 September
Stellar Lumens was facing continuous bearish pressure on the charts and looked likely to head further south, at the time of writing. On the contrary, NEM exhibited a strong bullish trend in the near-term while Maker showed signs of bullishness as well.
Stellar Lumens [XLM]
Source: XLM/USD on TradingView
The momentum was strongly bearish with XLM. The RSI stood at 37, while having failed to rise above the neutral zone around 50 over the past week.
The last time the RSI noted an uptrend, however, it turned out to be a bounce, rather than a trend reversal.
Hence, it is likely that XLM is in the midst of a strong downtrend, and any short-term bullish reversal can be considered as a bounce, unless compelling evidence to the contrary can be found. Traders can use such bounces to short the crypto-asset.
XLM could drop past its level at $0.75 to find support at $0.7, and even beneath that level at $0.63, if faced with strong selling pressure over the next few days.
Source: XEM/USD on TradingView
NEM registered bullish momentum in recent trading sessions, but faced resistance at the $0.116-level. Sellers stepped in as the price attempted to climb above the said level. XEM closing above this level would be bullish, while another rejection at the resistance could contribute to a small drop in price.
The Directional Movement Index signaled a strong trend, one that has been present with XEM for a week now. The ADX (yellow) was above 20, with -DMI (pink) above +DMI (blue), until it flipped the other way round a few days ago.
Buyers stepped in at the demand zone of $0.1. Further, Buyer interest appeared to have effected a trend reversal in the short-term too.
The close of the next few trading sessions will give a clearer picture of XEM's next direction.
In other news, NEM is launching the Symbol public blockchain in December, and with it, the XYM token. For this purpose, the announcement regarding
Opt-in is now open! Please go to https://t.co/Mw77Psjlc1 to start your opt-in journey. Please note, at this juncture, you will only be able to opt-in via the desktop wallet. The new #NEM mobile wallets are with Google Play & AppStore awaiting onboarding.#XEM #XYM #SYMBOL #Optin pic.twitter.com/12ie7KlW2T— NEM (@NEMofficial) September 15, 2020
was made by NEM.
Source: MKR/USDT on TradingView
Maker rose above its resistance at $500, and appeared to do so with conviction. The trading volume when MKR first breached the level was off the charts. This wasn't all buyers, however, as sellers also forced the price south. MKR still closed that session at $502, with MKR attempting to rise even more, at the time of writing.
The OBV showed rising buyer interest, as exhibited by the higher lows the indicator was forming on the charts. Further, the MACD also formed a bullish crossover recently.
It is likely that MKR will rise above $500, re-tests the level, and continues upward. The next level of resistance for MKR lay around the $571 region.