Price Analysis

Stellar’s Price Rally Strengthens Owing to Yesterday’s Sharp Spike

  • XLM has recently formed a support level at $0.041; bullish candle gives signs of an uptrend
  • Over a week, the coin has formed a dip at $0.036 followed by a steady rebound above 0.040
  • Stellar crypto has faced rejection at $0.042; the coin is stabilizing below the mentioned price level
  • Bitcoin has also spiked above $6700 over a day; corrections took it below $6660

Most of the leading altcoins had seen a sharp spike before they closed yesterday, and apparently, this is largely thanks to BTC’s rally above $6700. However, the major bullish price move has been pulled back below $6660 and reacting to this, and Stellar has also shown a minor correction.

XLM price has soared above $0.042 overnight, considering that its pullback is weaker as it is still above $0.041. However, the coin is yet to set its new weekly high as it couldn’t touch the $0.043 price mark.

Stellar News
XLM/USD Chart By TradingView

Stellar Lumens was bullish enough to reach above $0.043 on March 20, and it pulled back from there steeply to hit bottom at $0.038. Gradually, it went as low as $0.036, where it found a support level to start a steady surge. This caused the coin to take a fresh rise; after that, it kept consolidating between the 38.20% and 61.80% Fib levels. XLM’s support area too lies between the above-mentioned Fib levels.

The coin is above the 200-day EMA line while the moving averages are also in the positive zone. Here, RSI is stable while MACD is heading towards a bearish zone, showing a negative signal.

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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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