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Stellar price analysis: XLM/USD struggles to retest the $0.133 resistance


www.cryptopolitan.com 19 May 2022 20:56, UTC
Reading time: ~3 m

TL;DR Breakdown

  • Stellar price analysis shows slightly bullish sentiments, but the overall market is indecisive.
  • The market took a positive turn after yesterday’s bearish engulfing.
  • Current support levels are set around the $0.127 mark.
  • Stellar struggles to retest and break through the $0.1335 mark.
  • The market could take a quick turn for the better or worse in the next few hours.

The Stellar price analysis reveals slightly bullish sentiments in the market as the price the market quickly recovered to $0.129 after setting a low of $0.122 today. However, the overall market is currently in a downtrend based on the moving average line. It is uncertain whether the market will break the previous swing high of $0.145.

Cryptocurrency heat map by Coin360

The coin360 heat map also shows that the overall crypto market is slightly bullish today. Both Ethereum and Bitcoin, along with other altcoins, have marked small increases. However, this bullish sentiment may be short-lived considering the overall bearish nature of the cryptocurrency market.

Stellar Price Chart by TradingView

The 1-day graph of Stellar price analysis shows that the market was consistently forming a series of lower highs and lower lows until the 12th of May 2022. This was followed by bullish engulfing, leading to a few days of uptrend until resistance was established around the $0.145 mark.

Currently, Stellar has not retested the resistance, but the bulls seem to be in full force against the bears. The RSI levels in the 1-day graph at 36 suggest that the market might be oversold, so there are some chances of a further increase in the price. But to retest the $0.145 resistance in the coming days, the current day’s price must close above the moving average line, which seems possible but difficult.

24-hours Stellar price analysis

Stellar Price Chart by TradingView

Stellar established resistance of the $0.1335 mark 24-hours ago and retested it in the 15th hour today. This was followed by a bearish reversal, and currently, it is at the $0.129 mark, which is lower than the $0.130 moving average value.

Overall, the price has gone down by 2.22 percent over the last 24 hours. However, the market is now in the recovery phase yet again. While the bulls continue to play a tug of war against the bears, Stellar may retest the $0.1335 mark again in the next few hours.

The market cap of Stellar has decreased by 2.09 percent and currently sits at $3,215,588,667. However, the trading volume has gone up by 1.11 percent. Based on this, XLM/USD has a market rank of 26 right now.

4-hours Stellar price analysis: Can Stellar break past the $0.133 support?

Stellar Price Chart by TradingView

The 4-hour Stellar price analysis chart shows that the market is struggling to retest the $0.1335 resistance level. At the current moment, there seems to be a complete balance between the bullish and bearish momentum, resulting in a tug of war. Further strength from the buyers will be required at this point to give Stellar its much-needed push.

Conclusion

At large, our Stellar price analysis shows that the market is slightly bullish today since it has gone above yesterday’s low of 0.127. However, there is a balance between the bulls and the bears. So, the market can take a turn at any given moment for better or worse. For now, the market continues its struggle to retest and break through the resistance. Based on that, the current market condition seems to be highly indecisive.

For more information about cryptocurrencies and investments, read our in-depth guides on cryptocurrency investing.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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