Stellar (XLM) is Likely to Draw a New Uptrend; Trades at $0.0673
Stellar Lumens (XLM), at the time of writing this analysis was trading at $0.0668 and is likely to undergo a trend correction as observed from the daily 10-month chart.
Stellar Price Analysis
If analyzed in depth, the downtrend of XLM against USD was seen correcting downsides after recording a high at $0.170, earlier in the bygone year. The latter half of the year has been quite anguishing as the Stellar price trend kept declining giving consistent lower highs. However, the ongoing year 2020 appears to have a trend changing projection as we foresee XLM price spike in the upcoming days. The coin has faced rejection above 38.20% Fib Retracement Area since November 2019 and is currently below the said level.
Aligning a 4-hourly 1-month chart of XLM/USD, we see that the price trend of Stellar appears to have a growing trend with a slight pullback in the last week of January. The intraday movement has been quite impressive as we see a bullish divergence of the MACD line as it cuts the Signal line from below.
However, as per the trend projection the price of the coin is likely to move within the red dotted lines if there happens to be a sure shot trend change. The XLM coin is likely to trade in the upper price range as we do not see an apex forming any soon. The 20-day Bollinger Bands laid have a moderate width and is not hinting towards any major volatile breakout in the upcoming days. The current trading price is supported by the daily moving averages at $0.0647(10-day MA; short-term), $0.0623 (50-day MA; medium-term), and $0.0556 (200-day MA; long-term).
At the same point in time, Bitcoin is seen having a similar trend forming and it currently trades at $9,211.00. However, the intraday move of Stellar cryptocurrency is more appealing than BTC against USD. Moreover, the XLM coin has had multiple spikes within the said time frame, that could not be rightly noticed in the price trend of BTC/USD.
There happens to be a slight influence but Stellar is seen having an independent growth and as per Stellar Lumens forecast, it is likely to have a trend changing movement as we do not foresee any major volatility.
