XLMBTC breaks key support level
Stellar/Bitcoin Index (XLMBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
XLMBTC finished Saturday at 0.00003424 losing BTC0.00000173 (-4.81%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Daily Candlestick Chart (XLMBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.00000349 (9.63%), that's above last trading month's daily average range of BTC0.00000269. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
After trading as low as 0.00003311 during the day, the cryptocurrency bounced off the key support level at 0.00003355. The failure to close below the support could increase that levels importance as support going forward. Breaking below the key support level at 0.00003536 today, it is now likely to act as resistance going forward. After trading as low as 0.00003311 during the day, XLM/BTC found support at the 50-day moving average at 0.00003406.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more