- Stellar, at the time of penning down this analysis, was trading at $0.070 and retained support from the 50-day and 200-day MA on the daily chart
- Over the past two months, XLM price has grown from the utter bottom of $0.0422 to a 90-day high at $0.088, marking a progression of over 108%
- The current trading zone is exposed to volatility in the upcoming days and the coin trades below 38.20% Fib Retracement level
- Consistent lower high trend formed on the hourly chart may become a matter of concern if the altcoin fails to gain the momentum
XLM against US Dollar lacks support from the 50-day and 200-day MA on the hourly chart, while, on the daily chart, we see a “golden crossover.”
Stellar Price Analysis
Analyzing the daily XLM/USD movement on Coinbase, we see that the coin has been showing signs of strength as the price trend has been hitting above the 20-day upper Bollinger Band.
Moreover, the much-awaited “golden crossover” that took place in the previous week is likely to pump in growth and momentum. XLM price is supported by 50-day MA at $0.063, followed by 200-day MA at $0.061.
Also, we cannot underestimate the potential of Stellar Lumens as it gained over 108% in just two months, marking a fresh 90-day high at $0.088.
Comparing the daily XLM movement with that of hourly change, we see that the coin is on a continual downswing, forming consistent lower highs as it trades below 38.20% Fib Retracement level.
On the other hand, the Stellar price fails to retain support on the hourly chart. Overall, the intraday appears bearish, and a further dip can lead the coin to test supports below $0.070.