Price Analysis

Stellar (XLM) Strikes Back at $0.050 After an Overnight 5% Push

  • Stellar currently trades around $0.051 after an overnight upsurge of 4.95%
  • XLM/USD holds support from its SMA 20 & 50
  • The next resistance point seems imminent at $0.0521

Stellar Lumens has managed to get a huge push of almost 5% over the last 24 hours. Its value has comfortably crossed the $0.050 mark. Over the last week, the XLM price has been moving with a gradual inclination, and it even went as high as $0.053.

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

XLM price was trading at $0.049358 at the beginning of the day, and over the initial 6 hours, it managed to show recovery to the tune of 2.34% and touched $0.050511. After crossing $0.050 mark, the currency rejected and traded towards its strong support $0.049 again, and it formed a double-bottom around $0.049 price mark. Later, Stellar price escalated and crossed $0.050 mark, but again it faced rejection; however, it recovered and continued to trade upwards. At 18:25 UTC, the XLM coin price spotted at $0.05112.

Further, with a slight drop, it again started upside movement, and the price touched a high of $0.051895 by 22:54 UTC. However, towards the closing hour, Stellar Lumens marked regression and fell below $0.051. However, today, the currency started trading with a sudden spike and then traded downwards and got confined at $0.050747.

After this slump, the XLM price regained its price level above $0.051, and at the time of writing this analysis, it was trading at $0.05180 with having support from its SMA 20 & 50.

The RSI of Stellar currency has been pushed to 64.47 points, and it is nearing towards the overbought region. As per the price trend of the past 24 hours, the coin might cross its next resistance point of $0.0521 in the upcoming hours. However, if it faced rejection again, then it will find the support around its SMA 50 at $0.051644.

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Ruti Vora

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

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