Stellar Lumens forming a bearish double-top in the short-term, but bullish respite may be on the horizon



The cryptocurrency market noticed most altcoins surging over the previous 24 hours. Nonetheless, that momentum didn’t final lengthy because the market correction neutralized a majority of those positive aspects, apart from Stellar lumens’ (XLM). XLM is at present the one high coin within the inexperienced, making a 15.31% climb on the 24-hour worth chart.
1-hour chart
Supply: TradingView
If we have a look at the one-hour worth chart for XLM, the momentum appears unstable after the coin reached $zero.087 after a large breakout on 17 September. XLM worth broke out from the $zero.0585 mark, rose to $zero.0872, then once more fell to $zero.0738 and rose once more to $zero.0886. XLM is on its option to kind a possible double high. If it manages to shut under the neckline at $zero.073, it could be thought-about bearish.
Trying on the transferring common, the 50-day transferring common crosses the 100-day transferring common, suggesting bearish momentum. The MACD line crosses over the sign line, additionally indicating a bearish momentum. Nonetheless, the MACD line may cross over the sign line within the close to future, with the quantity additionally growing together with the growing worth, suggesting that the 1-hour chart is bullish.
1-Day Chart
Supply: TradingView
On the 1-day chart, XLM is forming a descending wedge which is characterised by two descending traces; the higher pattern line bridged decrease highs at $zero.0744, $zero.0728 and $zero.0639. However, the decrease pattern line bridged decrease lows beginning at $zero.0927, $zero.0859 and $zero.0700. The descending wedge broke out upwards at $zero.059, suggesting bullish momentum.
The 50-day transferring common is underneath the 100-day transferring common, suggesting bearish momentum. The MACD line broke above the sign line, indicating bullish momentum. The quantity of XLM can also be on the rise, together with the worth suggesting constructing bullish momentum.
Conclusion
XLM’s one-hour worth chart reveals an general bullish momentum, if the token manages to keep away from forming a double high, whereas on the at some point worth chart, the bullish momentum seems to be to proceed after the breakout from the descending wedge.

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