Price Analysis

Stellar Price Declines by 17%; Recovery Doesn’t Seem Imminent

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  • XLM coin faced a steep price drop recently; it tested support levels at $0.033
  • The currency faced rejection at $0.040 yesterday; pullback was followed by a decline of 17%
  • Yesterday’s mild bullish sentiment has turned into a strong bearish approach today after Bitcoin price again dipped below $5k for once
  • Except for MACD, all the technical indicators are giving negative signs

Responding to the rest of the crypto market, Stellar Lumens has recently exhibited a notable price loss. After March 13, the coin was trying to get back on its track, but the recent volatility has again invited hurdles in its recovery path.

Stellar Price Prediction

XLM coin opened at $0.036 yesterday, and the coin kept its moderately bullish momentum intact till it hit the price mark of $0.040. Meanwhile, it has formed higher highs; however, a stiff resistance level was waiting for the coin above $0.040.

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Stellar News
XLM/USD Chart By TradingView

Immediate pullback ushered the XLM price to $0.0379 before the coin closed the day, even dipper at $0.0377. Today, after opening on a stable note, Stellar took a sharp bearish turn, and it hit bottom at $0.033 with a sizeable decline of 17.21%.

The coin has just formed a bullish candle recently, showing that it might instigate a recovery. However, XLM is likely to see major barriers if it starts an uptrend. Also, the coin is way below the SMA lines along with the EMA line. The short term SMA line is below the longer one holding a negative bias.

On the other hand, the MACD indicator has formed a bullish crossover and is moving upside.

Ruti Vora

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

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