- 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.
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.