Stellar lumens and Tezos seem ready for a correction as the recovered most of their losses that happened during the Black Thursday. Different indicators show that the uptrend may soon come to an end so let’s find out more in the following Stellar lumens news.
Both Stellar Lumens and Tezos are shooting for a correction while Tezos especially is reaching the critical level of resistance which could be a problem for the uptrend movement. Stellar also sees a number of on-chain metrics and technical indicators that shoot sell signals. Another increase in the selling pressure behind both of the assets could see them drop to lower levels.
Stellar Lumens and tezos enjoyed quite a rally over the past three days and their prices increased by more than 30%. Right now, XTZ and XLM seem to be approaching the exhaustion point and multiple indicators are pointing for an impending correction. Just two weeks ago, the co-founder of Tezos Kathleen Breitman alluded that the upcoming blockchain-project will not run on Tezos. His wasn’t enough to stop the altcoin from surging as the price recovered from the recent crash and rose by 175% over the past month only.
The smart contracts token started trading at $1 but reached a new high of $2.75. This price level could represent a huge profit opportunity for traders. The TD sequential indicator is presenting a selling signal in the form of a green nine candlestick on the charts. The bearish formation predicts a one to our candlesticks correction before the uptrend continues. Based on the historical data, the indicator setup was accurate and predicted local tops.
A spike in selling pressure for Tezos could bring the Fibonacci indicator to a 23.6% drop and the support barrier will be sitting at $2.4. The bullish outlook can not be overseen so a further increase in demand for Tether could bring the prices up. Stellar Lumens also emerged at the top in the trends index. The increase in rankings was due to the increase in conversations about Stellar across social media platforms.
The recent price increase to $0.067 was accompanied by a huge spike in ‘’social chatter’’ which is not such a good sign. If Lumens could try and find support around the 23.6% Fibonacci retracement level, the support walls could put up with the price at $0.57 and $0.51. A huge argument is that an increase in demand could put the bearish outlook in danger.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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