Regardless of no main catalysts launched but at the moment crypto property have had a comparatively unstable session, creating potential short-term technical alternatives for merchants to be careful for.
At present we’ll take a look at Stellar Lumens (XLM) and Fantom (FTM), each of which appear to be presenting setups for each short-term bulls and bears.
First up for our fast technical take is Stellar Lumens (XLM/USD), which we coated two weeks ago after traders gained exposure to XLM through the Grayscale Stellar Lumens Trust.
On the time, XLM/USD had retest a significant resistance space across the $0.42 deal with earlier than falling to the subsequent robust space of curiosity round $0.37.
Since then, we noticed XLM make it’s manner decrease even additional to $0.33 earlier than the bulls confidently took again management for the remainder of October.
On the one hour chart above, we are able to see that at the moment’s short-term spike in volatility has taken XLM/USD decrease to the robust space of curiosity round $0.37, which additionally occurs to line up with the rising lows sample marked with the rising trendline.
If this space does maintain as soon as once more, that might draw within the longer-term technical merchants who maintain a bullish bias, in addition to basic merchants who nonetheless see the Grayscale occasion as a bullish catalyst longer-term.
Fantom (FTM) is on deck with potential technical setups for each the bulls and the bears. As we talked about in our last post on FTM, a dip could also be within the playing cards final week as merchants might take revenue from the huge bull run in October after the Fantom Developer convention held in Dubai final week, and it appears to be like like that’s the way it’s been taking part in out.
So, proper now, the worth motion is leaning in favor of the bears because the momentum to the draw back stays robust, making any short-term bounces one to observe for potential short-term bear commerce setups on the falling trendline above.
However for the bulls, there could also be a setup forward because the market reaches the $2.40 – $2.50, which has been an space of robust curiosity previously. Through the October bull run, this space held the bulls again for round two weeks earlier than it broke, now making it a possible help space. We will additionally see a bullish divergence between stochastic and worth forming, so if the market makes it to $2.50, the chances rise that longer-term bulls, each basic and technical might leap again in and take management.
What do you all assume? Is XLM/USD an extended play on each the brief and longer-term timeframes? Are FTM/USD bulls completed taking earnings and able to load again on the longer-term uptrend!