Stellar Lumens [XLM/USD] Technical Analysis: Bear seems to be losing its grip while bulls start to take over

Stellar Lumens is performing good when compared to other cryptocurrencies, with a steady rise followed by a correction. The speculation about the rise in prices could very well be due to the launch of Starlight payment and the partnership deal with Bithumb and SeriesOne to launch an exchange for regulated security tokens.

The price of XLM at the time of writing is at $0.2368, with the market cap of $4.8 billion.

1-hour

Bollinger Bands is showing a high volatility in the one-hour graph and the price candles are above the moving average indicating a bullish trend.

The Chaikin Money Flow indicates an inflow of the money is the same as the money flowing out of the market.

The RSI indicator has seen an overbought market but is still bullish as the RSI line is closer to the top end.

1-day

A downtrend is clearly visible and is ranging from $0.4582 to $0.2522, while an uptrend is absent since July. There is a long-term support set up at $0.1769, with resistance set up at $0.2597 and $0.3336.

The Parabolic SAR markers below the price candles indicating a bullish trend.

The MACD indicator has seen a bearish crossover on October 25 and has continued ever since.

The Stochastic indicator is opposing the MACD indicator showing a bullish crossover.

Conclusion

The Bollinger bands in the one-hour chart are showing a massive amount of volatility in the market indicating that there is a lot of trading action happening in the market. CMF and RSI are a both returning from a bullish point to a more neutral position. The price action on the one-day charts as indicated by the indicators show a bullish trend except for the MACD indicator.