XLMUSD breaks below previous session low
Stellar/US Dollar Index (XLMUSD) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XLMUSD finished Saturday at 0.2085 losing $0.0117 (-5.31%). Closing below Friday's low at 0.2120, the cryptocurrency confirms its breakout through the previous session's low having traded $0.0110 below it intraday.
Daily Candlestick Chart (XLMUSD as at Aug 11, 2018):
Saturday's trading range was $0.0243 (10.92%), that's slightly below last trading month's daily average range of $0.0271. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 0.1947. Prices are trading close to the key resistance level at 0.2212.
XLM/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Selling might speed up should prices move below the close-by swing low at 0.1942 where further sell stops could get activated. With prices trading close to this year's low at 0.1581, downside momentum might accelerate should the market break out to new lows for the year. Trading close to June's low at 0.1716 we could see further downside momentum if potential sell stops at the level get triggered.
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 ETCUSD closing -7.72% 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 IOTBTC closing -11.22% lower. Read more