Stellar Lumens (XLM) Sees a Pullback After an Escalation Over a Day

  • Stellar Lumens is tracing a gradual pullback, after yesterday’s surge above $0.064
  • XLM has recently seen support near $0.062, rebounds slightly
  • SMA lines are indicating a bearish phase, Stellar coin trades under selling pressure

XLM has recently started to move ahead with a positive bias against the U.S Dollar. However, Stellar Lumens, appears range-bound near $0.06 since the last few days. Moreover, Bitcoin has surged in the last couple of days and is above $10,000, which is anticipated to uplift the crypto market a bit.

Stellar’s price recovery is now struggling to gain momentum after it saw a price dip near $0.0622. Yesterday, the coin started to trade at $0.0632 and shortly it surged to $0.0639. The XLM price then pulled back to $0.0626 to gear up for the next upswing. XLM had its 24-hour high price at $0.064 with an increase of 2.26%.

After a downward correction, Stellar price again managed an increase to $0.0636 tracing an impulse pattern. As the coin saw rejection above, it started a downtrend which has been extended today. XLM price has recently formed a support level at $0.062 and is correcting up from there. At 04:13:30 UTC, XLM coin is trading at $0.0627.

XLM/USD Price Chart

Stellar Price Chart
Stellar Price Chart

The short term SMA line of XLM is heading to climb above the long term SMA line. Currently, the coin is just above its 5-day SMA of $0.0626 but is below its 50-day SMA of $0.0757. The coin calls for a strong push above $0.075 to step out of the bearish impact. According to Stellar Lumens Forecast, the traders who are interested in the coin should dig in now as it would be the perfect time to purchase.

XLM Technical Indicators

MACD chart has just noted a bullish crossover, and RSI is indicating a stable momentum. The coin may face resistance at $0.0638, $0.0645 and $0.0651 and support at $0.0625, $0.0619 and $0.0612.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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