Bulls are still not in favor of Stellar’s price trend as its price recovery keeps getting slower and slower with each passing day. The current sluggish nature of the market is yet to see any strong bullish breakout. Meanwhile, Coronavirus, the prime reason behind the recently collapsed market is getting tougher and tougher to control.
The crypto community was expecting the market to get better in this year after the year of 2019 showed many bearish signs. However, before the market can take a positive turn, the horrific pandemic invited bearish pressure for all the currencies, including Bitcoin. The coin which saw dips below $4000 is still not exceeding the range of $5900 to $7000.
Stellar Price Analysis
XLM is one of the leading altcoins which has seen a notable loss in its valuation this month. The coin opened above $0.05 on March 1, and over a week, it reached above $0.06. The following nosedive took the price way below its immediate support level, and it bottomed at $0.033.
After the decline of 45.37%, Stellar price has tried to rebound thrice, but each time, the recovery has faced pullbacks, which caused the coin to slow down. However, a bullish trendline has been traced over the last one and a half weeks. The XLM coin is yet to have a bullish breakout above the 38.20% Fib level; resistance levels seem present at the same fib level.
Here, moving averages are indicating a negative sign as the short-term SMA line is much below the longer one. At the same time, MACD and RSI have entered a bullish zone. Considering the current market circumstances, even a stable consolidation without any downward volatility would also help the currency to stay in the safe zone.
Stellar Lumens lacks momentum just like the rest of the market, but the picture is not all gloomy. The one day chart of XLM/USD exhibits a clear uptrend where the price is up by 8.56%. The coin is testing resistance above $0.041 and has also climbed above the 200-day EMA line. Moreover, the Bollinger bands haven’t opened up drastically, but moderate volatility may take place. Amid that, for how long the uptrend will remain intact is something which only time will tell.