Stellar Lumens Consolidating

If you've taken a look at the markets lately, then you've probably noticed that Stellar Lumens is looking extremely bullish as of late.

For those that are unaware, we're going to break down exactly why people are so bullish on Stellar Lumens lately, and it has nothing to do with their asset's price relationship with XRP (which has also been going nuts as of late).

Let's take a look at the charts and see what else we can find out from Stellar Lumens prior price action.

Stellar Lumens Price Analysis


From the chart above, we can see that Stellar Lumens made a concerted effort to push beyond the overhead horizontal resistance sitting at 52 cents (and for some period of time it was successful in doing so)

However, if we zoom in a bit closer on the daily resolution, it does not appear that Stellar Lumens was able to hold its advantage beyond this point:


From the chart above, we can see that Stellar Lumens made a concerted effort to push beyond the overhead horizontal resistance sitting at 52 cents (and for some period of time it was successful in doing so)

However, if we zoom in a bit closer on the daily resolution, it does not appear that Stellar Lumens was able to hold its advantage beyond this point:


As we can see from the chart above, Stellar Lumens has been trading around this zone for quite some time with no apparent success breaking above the primary overhead resistance at 52 cents.

Other notable points can be found at the following:

1. 43 cents

2. 37 cents

3. 30 cents

Each one of those points are a fair amount of distance from where the price is currently.

Let's take a look at the distance between the current price and the underlying support.


Librehash Reversion Ribbon V2


In the chart above, we can observe the following:

1. Dowturn in the direction of the ribbon, overall (bearish)

2. Consolidation of the ribbon, which means that the two ends of the ribbon are converging together (bearish)

3. The Histogram confirming what we mentioned in #2 (bearish)

4. The candles are dark green but with a red outline (which indicates the bearish underlying trend that continues to crop up)

Balance of Power RSI

The Balance of Power RSI is actually ambivalent in this situation (it was expected that there would be some clear bearish divergence here).

Let's take a look below.


Below a pseudo line of best fit is drawn:


Conclusion

Stellar Lumens appears to be farly neutral at this point in time.

There's nothing to suggest that its going to bust above the resistance directly overhead, but in time this is definitely a latent possibility.