Bitcoin continued to trade sideways without much trend on lower timeframes, and the altcoin market followed suit. Solana fell again towards $50, while PancakeSwap has been trading in the range between $4.36 and $4.78 for the past few days. Stellar Lumens saw some demand at the $0.124 support level, but it was unclear whether buyers had more ammunition in store.
Pancake Swap (CAKE)
The Bollinger bands were quite close to the price, indicating that volatility has been quite low on the lower timeframes such as the hourly and two-hour charts in recent days. The price has some support at the USD 4.36 level and resistance at the USD 4,786 level. In the coming days, these are the two levels to watch closely. A tilt of either to resistance or support, and a successful retest, could give an idea of the direction of CAKE’s next move.
The RSI was above the neutral 50 level, suggesting some bullish momentum. Yet the A/D has not seen a peak upwards. In fact, it appeared to be steadily declining, indicating that sellers continued to outpace buyers.
The Visible Range Volume Profile showed that the Point of Control was at $51.33, and the Value Area Highs and Lows were at $59 and $41.07, respectively. The $50-$52 area has seen heavy trading volume over the past week.
At the time of writing, the price was $50.86 and the MACD was at the zero line. Momentum has not been favorable on either side in recent days. Also on the OBV, both buy and sell volume appeared to be level over the past week as SOL has fluctuated from $48 to $58 and back.
Stellar lumen (XLM)
Fibonacci retracement levels (yellow) showed support and resistance levels for XLM over the past week. The bulls were unable to push prices past USD 0.145, furthermore the USD 0.124 level was tested as a support. The short-term market structure flipped to bearish as the price fell below the lows at $0.134 and retested as resistance the previous day.
The RSI hovered above the neutral 50, while the OBV was also relatively flat. Therefore, waiting for a strong trend can be a good decision for traders with a lower time frame.
This post PancakeSwap, Solana, Stellar Lumens Price Analysis: May 20
was published first on https://ambcrypto.com/pancakeswap-solana-stellar-lumens-price-analysis-20-may/