Stellar (XLM) Price Analysis: XLM/USD Is Setting Steps For Price Recovery

  • The altcoin is facing multi-hurdles between $0.070 and $0.075
  • It must surge above $0.735 or $0.0750 to build a bullish momentum in the market. 

The recent decline in the price of Stellar from $0.078 to $0.071 has left concerns raised that the bullish momentum for the altcoin is over?  

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The fail attempt to cross the major mark of $0.080 cost a significant downtrend for stellar lumen with brought the price to the support level of $0.0680. Recently, XLM bulls showed signs of existence by crossing a $0.070 mark a few days back.

However, Currently, it is again on the downtrend and facing a loss of -1.87%. The current price is around $0.071 with the market capitalization of $1,436,334,696 and the 24H volume traded is $453,051,923.

Stellar Lumens is also planning on its mass adoption in the crypto market by working with the United States to spread knowledge of blockchain in the U.S.

 

Source: Twitter

Source: Tradingview.com

The technical charts reflect on the steady bullish movement of XLM which is followed by the sudden decline which is the result of attempting to cross $0.80 area. We can also observe that the current price is on the support line which favors XLM bulls. Any downfall below $0.0680 can result in a major downfall for the crypto asset.

The RSI is reaching the level of 50 which is a positive indication for XLM bulls. CCI also had a negative divergence from the overbought region to the positive region now. Overall, the technical indicators favor a bullish movement from here.

Resistance Levels: $0.0735 and $0.0800

Support Levels: $0.0680 and $0.0650

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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