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- Stellar is struggling between the price band of $0.055 to $0.060
- Currently, it is having minor gaining momentum of 0.67%
- Fundamentally, it has made investments in an organization named “DSTOQ”
On the 7-day weekly chart, XLM started at a price level of $.0.070. However, due to the overall downtrend in the market, it went to a low level of $0.055.
The level of $0.055 acted as a support level for the altcoin, which is facing resistance by the level of $0.060. This can result in price consolidation for stellar lumens as it continues to struggle between the price ranges for the 4th consecutive day.
A positive break above the resistance level of $0.060 will ensure that XLM has the ability to establish a long-term bullish momentum in the market.
A negative break below the support level of $0.055 can indicate that it may face further downfall.
Stellar Lumens (XLM) Price Analysis
The technical graph reflects the sharp bullish momentum build by XLM from the starting of the year. It started the year with a price level of $0.045 and went to the year-high of $0.087 where it made a failed attempt to cross the crucial level of $0.090.
The downtrend has resulted in XLM reaching the Fib retracement level of 0.236. However, the altcoin is making recovery from that level and its reach to the level of 0.5 will ensure stability.
The technical indicators and oscillators suggest that XLM might face pricing consolidation in upcoming days until any significant movement is made.
The 24hour-RSI is reaching the level of 50 which means that it is on neutral grounds. Any positive or negative movement will favor bullish or bearish movement respectively
The 24hour-CCI is also in the normal region with no significant divergence.
MACD levels indicate that the momentum might be a little bearish for the altcoin. However, currently, there is a mix of both buying and selling volumes going for stellar lumens.
Resistance Level: $0.060 and $0.067
Support level: $0.055 and $0.050
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
