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- Stellar Lumens XLM finally showed positive momentum in today’s market with an overall gain of 2.72%.
- The cryptoasset has managed to cross and sustain over the price level of $0.050.
- The XLM/BTC pair is also performing positively in the market with a gain of 0.23% bringing the level to 0.000000692 BTC.
On the 7day-weekly chart, Lumens Price started by breaking above the crucial mark of $0.050. The positive momentum indicated that bulls will provide significant price recovery to the altcoin
However, the price went down to the support level of $0.045 before a significant overall bullish momentum was waiting for the altcoin. Yesterday’s uptrend in the market forced the cryptoasset to surge to the crucial level of $0.50 again.
However, the resistance level of $0.053 came into a barrier for the altcoin and avoided any further major uptrend in the market.
Looking at the current condition of the cryptoasset, it is having a positive momentum of 3.00% bringing the current price level to a safe spot of $0.051. The market capitalization is $1,018,921,413 and volume traded of $514,915,775.
Stellar Lumens (XLM) Price Analysis
The technical indicators have now turned slightly positive after going negative in yesterday’s market because of the resistance of the level of $0.53. This is a positive sign for the altcoin which may allow the momentum of regaining the bullish momentum.
The symmetric triangle was broken in the positive side by the XLM bulls which is providing the base for price recovery.
The Fib retracement levels also indicate that XLM price is targeting for sustainability over the price level of $0.050 this time.
The buying volume made a bullish cross in the bearish zone which may provide positive movement to XLM.
The 24hour-RSI has climbed to the level of 60 and showing positive nature. A positive movement to the level of 70 will help to weaken the bears
The 24hour-CCI is showing positive nature in the market. It is an overbought region which reflects the strong buying volume going for the altcoin. This aslo indicates that the coin might sustain on this bullish movement.
Resistance Level: $0.53
Support level: $0.50 and $0.48
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.
