- Stellar has traced a bearish trend line today, despite the overall market rebound
- XLM has faced a rejection above $0.0662; price recovery faces hurdles
- The coin has recently found support at $0.0642; price rebound crosses above the 50-day SMA line
The early morning price moves of XLM price today were bullish, except for an initial price plunge at $0.0652. Tapping on a recovery mode, the coin escalated to $0.0662, where the coin has experienced a bit of volatility.
In fact, the coin has been going through the volatile phase since it opened today. As the coin couldn’t fight barriers above, it pulled back, maintaining its bearish trendline. Here, Stellar formed a lower low, noting the return of bears in the trend.
XLM price again went up and formed a lower high at $0.0657 before finding bottom today at $0.0642. the coin seems to have a support level there, as it has started to move up from there, and has even crossed the 50-day SMA line. Currently, the price of Stellar Lumens is trading at $0.0649 at 11:56:59 UTC.
Stellar (XLM) Price Analysis:
Bollinger Bands are pointing out to the upcoming volatility in Stellar’s price trend as they widen. At the same time, RSI is at 63 and may enter the overbought zone soon. MACD chart is bullish enough at the moment as the MACD line is on the up-side and is also set to cross the zero-line of the histogram. However, SMA lines are giving a bit negative sign, as they have just traced a death-cross.
XLM coin is likely to see resistance at $0.0679, $0.0702, and $0.0717 and support levels at $0.0641, $0.0626 and $0.0603.
Do read our Stellar Forecast post to know how the coin performs on a long-term basis.