thecoinrepublic.com
- 1 The XLM crypto price shows a recovery from the lows of $0.1000 in the last sessions.
- 2 Stellar cryptocurrency’s price retained gains above the 20-day EMA and is looking to stretch the pullback.
Stellar crypto faced a sharp throwback from the highs of $0.1350 and noted a triple top formation, which led to correction from the highs and declined over 20% in the last sessions. Moreover, the trend is bearish, and buyers must stretch the gains beyond the prompt hurdle of $0.1200 to flip the momentum amidst the correction. However, the downward-sloping trendline was breached, which suggests that bulls will try to lift Stellar crypto toward $0.1300 soon.
Stellar crypto price trades in the bearish trajectory and depicts a breakdown in the past sessions. However, the correction may end, and a rebound may be witnessed shortly above the 50-day EMA mark. Bulls must hold the demand zone of $0.1000 to prevent any downside and accumulate the gains to revert the trend.
The Stellar price (XLM) was $0.1128 at press time, with an intraday gain of 2.15%, showing neutrality on the charts. Moreover, the trading volume increased by 19.28% to $76.33 Million, highlighting the reversal. The pair of XLM/BTC is at 0.00000226 BTC, and the market cap is $2.30 Billion. Analysts are neutral and suggest that the Stellar (XLM) crypto price will retain strength and may lift the gains above $0.1200 soon.
XLM on Daily Charts Witnessed Rebound From Demand Zone
On the daily charts, the XLM price showcased a bounce from the support region of $0.1000, fetched the 20-day EMA mark, and is headed to retest the 50-day EMA mark. However, the sellers are still attempting to push the XLM crypto below $0.1000 to extend the downside. Per the Fibonacci retracement zone, XLM price has sustained the 23.6% zone and noted a rebound.
The Relative Strength Index (RSI) curve stays below the midline and shows a negative divergence, implying the bearishness for the past sessions. Moreover, the MACD indicator shows a bullish crossover and suggests that the buyers may stretch the rebound toward the $0.1200 mark soon.
XLM on Weekly Charts DIsplays Rejection From 50 Day EMA
On the weekly charts, the Stellar crypto price was in a range and persisted in facing rejection from the 50-day EMA mark. However, the XLM price managed to hold the gains and did not witness any sharp fall, which signifies neutrality. A bottom formation was revealed near the low of $0.1000. If it is not breached, XLM crypto will attempt a bounce and may soon redirect the gains to $0.1200.
Summary
Stellar (XLM) price stays in the bearish trajectory and signifies a rebound from the support zone of $0.1000, but needs to surpass the 50-day EMA mark above $0.1200 to attain buying momentum. Moreover, the price action signifies bear dominance, and XLM price needs to escape $0.1300 to achieve a bullish rally.
Technical Levels
Support Levels: $0.1000 and $0.0900
Resistance Levels:$0.1200 and $0.1500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.