Stellar (XLM) Nears $0.050 as it Gains Almost 3% Value Overnight

Stellar price has been raised by 2.94% over the last 24 hours, and the value has reached $0.049894 from $0.048465. Investors may find the continuation of the current upside momentum for the near-term.

Stellar Price Analysis

Since the beginning of the ongoing month, XLM coin was trading with a slow and steady uptrend. Till April 06, the currency managed to reach above $0.042 mark, and then, it marked steep upward movement, and on the next day, it crossed $0.050 level. Despite the current volatility, Stellar currency managed to trade around $0.050 mark for the last two days with slight in-between plunges.

Stellar News
XLM/USD Chart By TradingView

Yesterday, XLM coin started dealing around $0.048465, and over the initial 6 hours, the price was up by 4.33% and touched $0.050565. However, from this high, the coin faced rejection and started trading downwards. It was followed by a 4.29% price correction that cost the coin 0.002 USD and pulled the price of Stellar down to $0.048403 by 10:47 UTC.

Read more CryptoNewsZ’s Stellar Lumens Price Prediction to know how the coin performs on a long-term basis.

The next swing occurred between 10:47 & 23:33 UTC, and over these 12 hours and 45 minutes, XLM price got hiked to the apex point of the day at $0.051592, but again it faced rejection, and the price fell to $0.04939. At the time of writing this analysis, the currency reflected slight improvement and traded towards $0.050 mark at $0.04989.

Stellar’s current price holds strong support at its 20 days MA ($0.049848) and 50 days MA ($0.049786). Its MACD line has also gone beyond the signal line, and all these figures hint at an upcoming improvement. The next resistance is likely to come by $0.051.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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