- Stellar’s weekly chart paints an optimistic picture while the 4-month chart still shows a price decline
- XLM is set to test the support level at $0.0597 once again before resuming the uptrend
- The major support line corresponds to the 38.20% Fib level; next resistance level stands at $0.063
- Technical indicators are giving positive signs while XLM trades with a buying sentiment
XLM coin was bullish yesterday, and today, the coin is correcting downwards as it is looking for support to rebound. Over the last one-week, Stellar Lumens has formed a strong and active support line at the 38.20% Fib level which has been tested multiple times in the last couple of days.
Meanwhile, Bitcoin has also started its pullback after yesterday’s surge above $9500. However, BTC’s overall bullish trend seems intact.
Stellar Price Analysis
Stellar had kick-started the week with a bit of fluctuation, as shown in the chart. The coin had a flourishing mid-week with higher highs; however, the weekend is likely to remain bumpy.
Despite the ups and downs, the support line may help the XLM coin to trigger a price recovery. Stellar cryptocurrency is anticipated to have a price rally soon after a plunge above the support level, just the way it had initially in this week.
Here, Bollinger bands are heading towards a volatile phase after the recent squeeze, while RSI is at 47, showing a stable momentum.
XLM, in its weekly chart, looks bullish but, the wider picture is a bit different. After Stellar’s sharp rise above $0.086 in last September, the coin has constantly been dropping. Apart from the lower highs, XLM is repeating one more negative price move here.
After a rise above $0.083, it had a dip below $0.075, and then it continued the heavy decline. The altcoin is again performing a similar price move; however, Bitcoin bulls are still in the game to rescue the XLM’s price trend.