Price Analysis

Stellar Slides Below an Imminent Support at $0.060; Appears Bearish

  • Stellar (XLM), at the time of penning down this article, was trading at $0.0593 and breaching the lower 20-day Bollinger Band
  • XLM price loses over 24% in 2 days from the weekly high of $0.0734 to the weekly low of $0.0556
  • A price below $0.062 led the coin to hit below 38.20% Fib Retracement level and loses support from the 50-day and 200-day daily MA
  • The current trading price of the coin records a 6% growth from the 30-day bottom hit at $0.0556

XLM coin experiences a notable downward trend and thereby loses support from the imminent moving averages viz., 50-day and 200-day.

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

Taking a glance at XLM/USD price movement on Coinbase, we see that the coin is on a continual downswing. The intraday has been quite a despair as the price of the coin slid below $0.062, which resulted in a gradual slide below 38.20% Fib Retracement level. The price trend is breaking through the lower 20-day Bollinger Bands laid and exhibits a bearish divergence due to intraday movement. However, the 20-day Bollinger Bands do not project about any vulnerable volatility in the upcoming days.

Aligning the market crash that happened over the past 24 to 48 hours, the king of cryptos has also tested support as low as $8,500, meanwhile. All the major altcoins have lost a notable value over the past two days and are yet to make a comeback, as Stellar price dips below the support at $0.060.

As per the current momentum, XLM coin is making intraday accumulation and is seen as having slight bullish crossover as well when it spiked above $0.062 after $0.0556. Therefore, on the upside of the currency experiences a price escalation, Stellar crypto is likely to face resistance at $0.062 and $0.065.

Technical Indicators

XLM News

The technical indicators laid to hold a bearish divergence as the signal line crosses above the MACD line of Stellar, and the RSI is seen inclining towards the support at 39.08.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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