After Bitcoin fell lower than the $ 40,000 mark, a broader market rally slowed down. So altcoins saw mixed movements on the charts. Likewise, XLM, TRX and ALGO were in the consolidation phase at the time of writing.
Stellar lumens [XLM]
Source: XLM / USD, TradingView
After hitting a local high at $ 0.416, XLM cooled on the charts. The sellers were trying to take control of the market. At press time, XLM was trading at $ 0.29, down almost 2% in the past 24 hours. Currently, XLM was consolidating between $ 0.3777 and $ 0.281. Said consolidation could also continue in the short term.
TheAwesome oscillator shows that bearish momentum was waning as the red bars moved towards the breakeven point. He suggested that the support at $ 0.281 could hold prices up for the near future.
The Bollinger bands indicated that price volatility decreased as the ranges converged. Although the candlesticks fell after trading on the upper band, a reversal does not necessarily have to occur. Prices could trade near the signal line over the next few sessions.
Tron [TRX]
Source: TRX / USD, TradingView
The last two trading sessions have seen the $ 0.029 level provide price support. But the gains were capped by the resistance at $ 0.031. Support from a broader market rally may be needed to push prices higher from this mentioned channel. Indeed, the indicators suggested a bit of lateral movement for TRX going forward.
Therelative strength index persisted in the neutral zone but pointed downwards on the charts. A move into the oversold zone could cause prices to drop. So the next level of support at $ 0.027 could be tested.
On the other hand, the Chaikin Money Flow was just above the point of equilibrium. He showed that capital inflows could keep prices afloat for now. They could also prevent southward movement on the charts.
Algorand [ALGO]
Source: SOMETHING / USD, TradingView
Similar to its TRX and XLM counterparts, ALGO was moving sideways when printed. The buyers had succeeded in preventing prices from falling below $ 0.426. So sellers restricted a move above $ 0.475. A definitive move in the larger market could determine where ALGO could end up on the charts. But for now, consolidation could keep prices in their current channel.
The Stochastic RSI was rising from the oversold region towards the neutral zone. This illustrates that the immediate resistance at $ 0.475 could be breached should the index move into the overbought region.
However, such a drastic move is unlikely over the next two trading sessions. The MACD showed that the market is still bearish. Even though the fast line was looking to catch up with the signal line, a bullish cross was not a certainty.
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