Stellar Holds a Volatile Outlook; What’s Keeping XLM Away from Stability?
Huge economies, including Italy, are slowly easing the lockdowns that took place because of the pandemic. The world has been witnessing disarrayed markets since the last couple of months, and the gradual emergence of it is likely to affect the cryptocurrencies in a positive way presumably. However, the journey can’t be so smooth.
Even in normalcy, strengthening of any market is a step by step process while a handful of unexpected hurdles are part of the process too. In that case, the current global scenario is likely to keep the crypto space in a dilemma.
Considering these circumstances in mind, apparently, Stellar Lumens has yielded impressive results lately. The XLM coin is significantly up from where it was a week ago. It has traded impulsively over the last one week. Noting a positive sign, the coin has drifted its support level upside over these days, and now it holds a support level at $0.068.
Stellar Price Analysis
At present, the currency is examining resistance levels at $0.073, quite up from the key support level. However, the weekly high of $0.076 is still far. The recent pullback of the XLM coin to $0.068 has broken the higher high pattern. Notably, the coin holds bullish technicals; the MACD indicator here is in the positive zone but is heading towards a bearish crossover. Moving averages are also in the positive area while the coin is well above the EMA line. Based on XLM price forecast, the coin might continue to trade with significant volatility and trade towards its previous support.
Who stole Stellar’s Stability?
The above-given XLM/USD chart shows how it is trading restlessly as compared to Bitcoin’s price path. No doubt, this time, it is the whole market that is turbulent, but the price path of XLM keeps the traders away from making any sure shot and optimistic prediction.
Stellar’s instability is so easy to spot because of Bitcoin’s sustained consolidation after its price rallied by more than 21%. BTC/USD is currently mighty enough to limit its downside move at $8600 while it explores the upside above $9000. It is also held bullish technicals, and also, it isn’t very distant from its psychological price level of $10000. If at all, the coin manages to achieve that level, it’ll be a huge milestone for the crypto market, keeping the current situation of all the traditional markets in mind.