Stellar Lumens climbed towards a region of supply at $0.42, while Algorand attempted to flip the $1.01-level to support. This short-term bullishness was a theme in the altcoin market, at the time of writing, with Aave also attempting a breach of the $345-level.
Stellar Lumens [XLM]
Source: XLM/USD on TradingView
The market was indecisive on XLM. The OBV swung wildly as buyers and sellers fought for control of the market. In these choppy conditions, the $0.42-region of supply can be considered as the short-term target for either side.
A rejection once more around this region would see short-term selling pressure, while flipping this region to one of demand over the next day or two will offer buying opportunities above $0.42 since there is significant resistance at $0.45 and $0.5.
The 8 and 20-period EMA (blue and white respectively) pictured short-term bullish momentum behind XLM, with $0.39 to offer support in case of rejection at the resistance level.
Algorand [ALGO]
Source: ALGO/USD on TradingView
The RSI was attempting to breach the 50-level, an effect of ALGO trying to rise above the $1.01-mark. The momentum has been behind the bulls over the past couple of days and this could see ALGO test the $1.14-mark in the short-term.
ALGO was rejected at $1.14 on a prior bounce, making this level the target for the bulls should $1.01 be flipped to support. After $1.14, the next target would be the $1.26-level.
Trading volume and momentum can be observed to confirm an upward move for ALGO. Here, the trading volume would need to be above average when the level is flipped to support, and the hourly RSI can be expected to climb above 50 to denote bullish momentum.
Aave [AAVE]
Source: AAVE/USDT on TradingView
The dip to $285 notwithstanding, the fractals highlighted the $300-$310 area as one of the lows of the recent drop, with the same not giving ground to the bears after repeated tests as support.
The MACD formed a bullish crossover as short-term momentum seemed to side with the bulls.
A hike above $350 would be more encouraging for the bulls, with further resistance expected at $380 and $404. A move above $350 would present buying opportunities for AAVE upon a retest of the $345-$350 as support.
