Price Analysis

XLM Holds a Bullish Sentiment; Weekly Support Remains Intact

  • XLM price is on the rebound mode and has formed a support level at 38.20% Fib level
  • Stellar has formed a bullish trendline over a week and is likely to sustain the bullish momentum
  • The weekly support line is intact as yet; technicals look bullish at the moment

Stellar (XLM) has been holding a significantly bullish sentiment since the market has started to improve. There has been an uptrend in the price till mid-January, and currently, the price seems to be consolidating.

Stellar Price Analysis

XLM was bearishly trading when the week started. It had tumbled to $0.054 from $0.061 to find strong support. The coin has been surging steadily since then. It had formed higher highs before it traced a head-and-shoulder pattern.

Stellar News
XLM/USD Chart By TradingView

Here, it has breached the 2-day long bullish trendline and started to correct down. Halting its correction, Stellar Lumens has found a decent support level at $0.059 recently (at 38.20% Fib level). The weekly support of the coin is at 100% Fib level; the XLM coin is trading at $0.060 at 10:15:49 UTC.

The MACD indicator is entering into the bullish zone while the coin forms a bullish candle. RSI is at 52, showing no extremities. Additionally, the Stellar price is approaching the 0% Fib level while it is holding a positive bias.

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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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