Stellar (XLM) Gained 12% in 2 Days Yet Appears Bearish
Stellar Lumens, just like any other crypto of the market, is facing a setback currently and is trading at $0.074 after hitting a high at $0.120 in the previous month. However, over the past 5-6 weeks now, XLM/USD is now down by 38% due to the negative market sentiment, wherein the largest cryptocurrency by market capitalization—Bitcoin is also experiencing a grim scenario.
Moreover, Stellar has joined hands with PAYMYNT recently, which is a paytech growth app that amalgamates mobile commerce, cashback, investing, and MYNT rewards. This is believed to be a strategic partnership with a calculative investment towards SatoshiPay’s X-boarder payment technology.
We're excited @StellarOrg put in $550,000 as a strategic investment toward SatoshiPay’s X-boarder payment technology. Transferring money to anyone, anywhere without excessive fees – empowers the globally underserved in unprecedented ways! 👍 https://t.co/u9NQ4MaoCJ
— PAYMYNT (@PaymyntGroup) September 25, 2020
Stellar is now one of the profit-making investments of the year amongst the top 20 lucrative platforms of the market. With this, social media engagement has also gained an edge over the last week as per LunarCrush Social Listening.
Stellar Price Analysis
Today, XLM was trading at $0.0742 with a bearish sentiment in the global crypto market. Moreover, the price trend of XLM/USD exhibits a gradual pullback on the daily chart, which led to a price correction below $0.100. Moreover, with a bearish start to the ongoing month, Stellar crypto is anticipated to close the quarter in the red itself.
It was just through intraday strengthening in price that the coin regained the lost support from MA200 while lacks medium-term support from MA50 at $0.0903. As the XLM price regained the lost momentum, the trend hit the lower band, but with a gradual rise in price above $0.070, it has gained over 12% in 2 days from the daily bottom of $0.066.
The MACD indicator reflects an intersection yet the flattish movement of the MACD line and signal line on the daily chart. The RSI is 41.44 and holds a strong inclination towards the support due to no massive gain in Stellar price over the past 30 days. Based on our Stellar Lumens predictions and social engagement, the coin might intiate a price recovery in the upcoming days despite bearish sentiment of technical indicators.