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- Lumens Price is struggling between the price band of $0.010 to $0.050
- Currently, it is having minor gaining momentum of 1.67%.
On the 7-day weekly chart, Stellar started at a price level of $.0.040. However, due to the overall downtrend in the market, it went to a low level of $0.030.
The level of $0.030 acted as a support level for the altcoin, which is facing resistance by the level of $0.050. This can result in price consolidation for stellar lumens as it continues to struggle between the price ranges for the consecutive week.
A positive break above the resistance level of $0.050 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 $0.037 can indicate that it may face further downfall.
Stellar Lumens (XLM) Price Analysis:
The technical graph represents the sharp bearish momentum faced by XLM from the starting of the month. It started the year with a price level of $0.060 and went to the month-low of $0.030.
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.
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
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 phases going for stellar lumens.
Resistance Level: $0.042 and $0.045
Support level: $0.040 and $0.038
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.
