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- Stellar has failed to show any significant movement in the market for past few days
- There has been no significant change in market capitalization and volume traded for the coin also
- The XLM/BTC pair is facing a marginal loss of -0.01% bringing the current level to 0.00000681 BTC
Stellar Lumens have always been one of the cryptocurrencies which have the fear of consolidation at every occasion in which there hasn’t been a significant change in the price levels. The CMP of XLM is $0.072641 with a marginal loss of -0.04%. The market capitalization stands at $1,508,464,072 with the 24-hour volume traded of $132,222,234.
The weekly chart clearly defines the strong magnitude of consolidation in which XLM is. On the upper hand, the altcoin might revive its buying volume significantly if it manages to cross above the $0.080 mark. On the downside, there’s minor support placed at $0.050 for the crypto asset. We should expect the altcoin to be in consolidation until there’s a significant positive or negative overall movement in the market.
Stellar Lumens (XLM) Technical Analysis
The technical chart reflects on the significant downtrend faced by XLM from its peak point of $0.115 to the critical support level of $0.068. The price area between the fib level
0.5 and 0.618 can be a sustainable region for the coin and should be kept as a short-term target. However, for reaching that level, the digital asset must need to break above the resistance level which is placed at 0.236 fib level. The current price levels are below the 0.236fib level within the consolidation bracket.
RSI levels have failed to sustain higher levels and are showing downtrending nature. The levels currently stand at 48.42. Any further downfall below 40 will invite the bears.
CCI levels have also shown negative nature after touching the tip of the overbought region. Currently, the level is at 3.97 and can turn negative.
MACD levels are showing no significant movement in the levels which clearly defines the ongoing consolidation phase.
RESISTANCE LEVEL: $0.080 and $0.140
SUPPORT LEVEL: $0.060 and $0.540
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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.
