Connect with us

Analysis

Stellar Lumens, Polkadot, Status Price Analysis: 07 December

Published

on

Source: Pixabay

Stellar Lumens was in a phase of consolidation before a breakout from the $0.172-level on the charts. Further down the crypto-ladder, while Polkadot had bearish momentum and could lose the $5-support level to the bears in the coming days, Status formed a descending triangle and expected a breakout over the next few days.

Stellar Lumens [XLM]

Stellar Lumens, Polkadot, Status Price Analysis: 07 December

Source: XLM/USD on TradingView

XLM had weak bearish momentum behind it and was trading within a descending channel with low trading volume per session. Over the past 24 hours, the price was noted to have straddled the $0.172-level as support.

Trading volume should be a good indicator of the price’s next direction. A candle close above the support and the descending channel backed by noticeably higher volume would point to an XLM move to $0.2 over the coming days.

A close below the support would affirm that the channel is in play, and the price would be forced towards the $0.145-level of support.

Polkadot [DOT]

Stellar Lumens, Polkadot, Status Price Analysis: 07 December

Source: DOT/USDT on TradingView

Using the Fixed Range Volume Profile for DOT since the start of November, some levels of support and resistance were highlighted. The region at $5.2-$5.3 has seen a good deal of trading activity and can serve as a region of resistance for DOT in the coming days.

The psychological $5-level can also be expected to serve well as support. However, the RSI dropped below the neutral 50-zone and retested it as resistance to indicate that a downtrend was in play.

Hence, it was likely that a session close below $5 would see DOT drop to the $4.8-level of support.

In other news, Huobi Global has taken an active interest in becoming a key player in the growth of the Polkadot network after announcing a Polkadot sponsorship program.

Status [SNT]

Stellar Lumens, Polkadot, Status Price Analysis: 07 December

Source: SNT/USD on TradingView

SNT formed a descending triangle, and the low trading volume over the past few days alongside the pattern indicated that a breakout was imminent.

This pattern can see a break in either direction, but the charts were leaning north at press time. A strong move backed by good trading volume outside the pattern will affirm the direction of breakout, and a breakout target would be $0.015 in the direction of the move.

Further, the MACD line was hovering above the Signal line on the charts.

Where to Invest?

Subscribe to our newsletter

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.