Stellar (XLM) Price Analysis: Stellar Price Bulls Facing Wall Of Resistance At $0.053

  • Stellar Lumens price avoids the fall below the price level of $0.050 and indicates further bullish move.
  • It must surge above $0.0.53 to have a safe spot and to build a bullish momentum in the market.
Capture
Source: Coinmarketcap

Stellar lumens are showing impactful price recovery signs from the starting of the month by crossing the crucial price level of $0.050. However, the resistance level of $0.053 came in between and dropped the altcoin to the crucial mark of $0.050

Currently, the altcoin has managed to sustain above the price level of $0.050. If XLM manages to cross above the price level of $0.053, it will indicate that it is on the road of recovery. On the opposite side, if it breaks below the $0.050 price level, it will indicate that the bears can provide significant damage again this month.

Looking at the overall market conditions, XLM might able to cross the price level as the majority of the crypto assets are also taking the road for price recovery.

Recently, XLM bulls showed signs of existence by crossing a $0.050 mark a few days back. Currently, it is on bullish momentum and gaining around 4.87%. The current price is around $0.052 with the market capitalization of $1,067,436,334,696 and the 24H volume traded is of $413,051,923.

Stellar (XLM) Price Analysis

Screenshot (242)
Source: Tradingview

The technical charts reflect on the steady bullish movement of XLM which is followed by the marginal decline which is the result of attempting to cross a $0.53 area. We can also observe that the current price is on the support line which favours XLM bulls. Any downfall below $0.050 can result in a major downfall for the cryptoasset.

The MACD levels are prevailing in bullish zones which indicates the altcoin will be able to sustain the price level and should avoid any further downfall

The RSI is reaching a bullish level of 70 which is a positive indication for XLM bulls.

CCI also had negative divergence from the overbought region to the positive region but the significant buying volume forced the levels to again reach the overbought region. Overall, the technical indicators favour a bullish movement from here.

Resistance Levels: $0.053

Support Levels: $0.050 and $0.048

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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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