- Stellar has recently started to move upwards; lacks momentum
- A steady price recovery can usher the coin above $0.061; currently hovers around $0.060
- XLM coin may take at least a month to trade above $0.071
Stellar Lumens has initiated a recovery, though, with a meek approach against the U.S Dollar at the moment. The possibility of XLM’s sustained rebound doesn’t appear up to the mark considering its bearish trend.
Yesterday, Stellar price saw an opening above $0.062, and it kept ranging between $0.0614 to $0.0619 till 09:45 UTC. Then, over the next 5 hours, the coin tumbled to $0.060, breaking a support level near $0.0610. Here, XLM price has noted a decrease of 3.04%.
Since then, the coin has been attempting to come up with a rebound but has not been able to trade above $0.061. Although recently, the coin has found support near $0.0603, from where it shows a slight uptrend. At 05:22:24 UTC, XLM is trading at $0.06084.
XLM/USD Price Chart
SMA lines are heading for a bullish crossover, while its short term SMA line is below the long term SMA line. Also, the coin carries a prolonged selling pressure.
Stellar’s current price is remarkably down as compared to its 100-day SMA of $0.094 and is 11.76% lower than its 30-day SMA of $0.068.
Stellar Technical Indicators:
MACD chart is in the bullish zone and is having its MACD line above the signal line, noting a positive sign. Meanwhile, RSI is just below 60, showing no extremities. XLM may face resistance at $0.0617, $0.0631 and $0.0637, while its support level is at $0.0597, $0.0590 and $0.0577.