Price Analysis

Stellar Tests Support Levels to Initiate a Robust Price Recovery

  • Stellar price has tested support levels at $0.055 twice today; here, the bearish trendline has been stalled
  • The XLM coin is still below the 38.20% Fib level
  • The one-month chart of Stellar exhibits a surge of 48.47%; the downward correction needs a decent support level to stop the same
  • The coin trades near the support area; technical give mixed signals

Stellar coin is still managing its position in the buy phase despite the ongoing downward correction. The XLM coin is likely to halt the downtrend soon as it seems to have found a strong support level recently.

Stellar was as low as $0.045 when the year started after tracing many higher highs, the coin attained its peak at $0.064 and mildly corrected back to $0.060. The coin reclaimed the $0.064 price mark before started the on-going downtrend. The bearish trendline has recently been breached as the coin saw a support level near $0.055.

Stellar News
XLM/USD Chart By TradingView

Yesterday morning price actions of XLM coin were quite bearish. The coin went as low as $0.054 before surging by 6.06%. A minor bearish trendline had again taken place before it tested the support levels today. Currently, the Stellar price is at $0.055 at UTC 12:19:30.

XLM News

Technicals:

RSI for the coin is just above 30, which indicates that it may enter the oversold zone. MACD is giving a bearish signal as with its MACD line on the downside, and it is below the zero-line.

Tags

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.

Related Articles

Back to top button
Close