Stellar (XLM) to Form Double Bottom Soon; Initiates a Rebound

  • XLM coin has recently broken the bearish trendline; starts the rebound
  • Stellar seems to have a support level near $0.053; resistance levels stand above $0.062
  • Technical indicators are giving mixed signs while the coin is trading under a selling pressure

The crypto market is remarkably sluggish as Bitcoin has dropped below $7000 yesterday before closing. After tracing a low swing near $6549, BTC is heading to rebound above $6700. Meanwhile, Stellar Lumens has tested the support levels near $0.053 twice over the last 5 days.

XLM Price Prediction:

Stellar was trading with its opening price at $0.065 on November 20, from where it has constantly traced a downtrend. The next day, the coin had seen an initial support level at $0.060, and it remained around it till it closed the day. On November 22, the coin saw a major price plunge to $0.053 followed by a rebound above $0.058.

In the last couple of days, XLM coin has touched the heights above $0.62, and currently the coin is slowly rebounding after a price drop near $0.053. At 08:45:06 UTC, Stellar price is trading at $0.055.

Stellar Price Chart
XLM Price Chart by TradingVIew

The Bollinger Bands for the coin indicate an upcoming less volatile phase, as they move towards each other. On the other hand, MACD and RSI are shifting towards the bullish zone. However, the short-term SMA line is still below the long term SMA line noting a negative signal.

On the basis of the above-mentioned chart for XLM predictions, it can be estimated that XLM price is likely to see resistance at $0.06012, $0.06336, and $0.06502 and support levels at $0.05522, $0.05356, and $0.05032.

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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