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Price Analysis

Stellar’s Rebound Sees Hurdles, Consolidates Around $0.060

While crypto prices are going through a bumpy ride, the market updates somehow manage to turn the heads of many. One of the major altcoins, Stellar Lumens, is all set to launch a $120 million airdrop in partnership with Keybase, an encrypted messenger. It is to be observed how this is going to improve XLM’s price trend.

It seems altcoins are busy improving their game, as they are gearing up for a potential competitor like Facebook backed crypto coin, “Libra.” The most talked-about coin has recently come up with a happening update, which reveals that the coin will be tied to major national currencies including the U.S. Dollar, Euro, Yen, British Pound and Singapore Dollar.

Coming back to Stellar, it has seen major price decline over a month, as it was above $0.073 till the first week of August, and now XLM price is range-bound below $0.062 since the last few days. Yesterday, after a plunge near $0.059, the coin saw a noticeable surge to $0.61 with an increase of 3.42%.

After a downward correction, XLM ranged around $0.060, except for a dip near $0.059. However, it managed to climb above $0.060 before closing.

Today the coin has not shown much of momentum, as it kept trading around $0.060 only. At 04:51:34 UTC, XLM coin is trading at $0.06090.

XLM/USD Price Chart

Stellar Price Chart
Stellar Price Chart

The short term SMA line is below the MACD line noting a bearish price move. While RSI is near 50 showing no extremities. The MACD chart is approaching a bullish crossover in the bullish zone.

Stellar price may face resistance at $0.0616, $0.0633, and $0.0650, while it can find support levels at $0.0581, $0.0565, and $0.0547.

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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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