- XLM price seems to be consolidating at the moment, trades around 23.60% Fib level
- A mild bullish trendline has taken place; may continue if the coin manages to climb above 38.20% Fib level
- Technicals are giving mixed signals at present; the market still gives sluggish vibes
- Stellar Lumens trades under selling pressure
The Stellar price drop has seen a pause as it has been consolidating since then but without any bullish bias. The coin is prepping to trade above the 23.60% Fib level. Meanwhile, Bitcoin is rebounding from $7104 but is still below $7200.
Yesterday, XLM coin was trading above $0.0471 when it opened. The coin took a steep fall to $0.044, with a decline of 5.39%. From here, the Stellar price has attempted a recovery but is facing hurdles at the moment. The coin is trading with a flattish impact, but a very mild price uplift seems to be taking place. After a few spikes above the 38.20% Fib level, the coin is trading at 23.60% Fib level currently, which corresponds to $0.452.
Technical indicators also resonate with the sluggish nature of Stellar’s price trend. The MACD indicator is in the bullish zone with its MACD line on the downside. RSI is at 53, noting a stable phase. The coin is carrying a selling pressure with a bearish bias.
Stellar is likely to see support levels at $0.0438, $0.0427, and $0.0414 and resistance levels at $0.0461, $0.0474 and $0.0485. The coin requires a steady price rise above the 50% Fib level to strike a fresh increase.