Stellar Lumens [XLM] was one of the market’s few bullish coins, at the time of writing, with both BAT and DASH exhibiting a bearish bias due to the patterns formed on their charts. In light of the fact that Bitcoin has been tip-toeing the $10,000-level, we can expect many of the market’s cryptocurrencies, especially the bullish ones, to follow Bitcoin should it continue to climb above the $10,000-level.
Stellar Lumens [XLM]
XLM, at press time, was observed to be registering 2% in gains over the last 24 hours. However, such an incline came on the back of a 14.4% decline over the last 7 days. With a press time price of $0.079, XLM was faced with a decision – to head higher or lower.
For XLM, the Stochastic RSI showed a bearish crossover near the overbought zone. In light of its recent history, one can argue that the price is going to head higher. In fact, over the last few hours and days, the price has headed higher, even with the Stochastic RSI in the oversold zone. Hence, the same might happen again, especially if the range-bound structure of Bitcoin and the crypto market is considered.
Basic Attention Token [BAT]
Basic Attention Token aka BAT’s charts highlighted the formation of a bearish pennant, a development that was putting it in a pickle. This is traditionally a continuation pattern, hence, the price of BAT will most likely head lower in the near future. As for how low, it might head down by anywhere between 10-50%.
At press time, BAT was trading at $0.258 with a 24-hour price change of +4%. However, the long-term outlook [7-day change] seemed bleak with losses of -18.9%.
Before the price actually drops on the charts, there will be two supports where the price might rest; the first at $0.200 and the second at $0.145.
Like BAT, DASH may also have a bleak future ahead of it with the formation of a rising wedge observed on its charts. With a press time value of $75.59, the cryptocurrency noted a drop of 27% over the last 2 days. Since then, however, DASH was trying to head higher.
The MACD indicator underlined a potential bearish crossover for DASH, one very close to the zero-line. If it does manifest, the price will head lower following the rising wedge breakout.
Considering the pattern formed and the MACD indicator, the likely outcome will be a bearish breakout.
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