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- Stellar Lumens has shown its potential to beat the consolidation phase with the weekly overall gain of 6.41%
- However, the XLM/BTC pair is trading negative with the loss of -0.47% bringing the current level to 0.00000681 BTC
- Reclaiming the crucial level of $0.080 will be a significant bullish signal for the crypto asset.
Stellar Lumens have finally broken down the consolidation phase to an extent. The digital asset is currently targeting the price level of $0.080 with the CMP of $0.077515. However, the resistance level is providing minor reversals currently which have resulted in a marginal negative momentum of -0.14% for the coin. The market capitalization stands at $1,610,357,294 with the 24-hour volume traded of $112,736,586.
The weekly chart reflects on the significant price recovery action made by the XLM throughout the previous week. Besides the recovery action is well within the consolidation range of $0.070 to $0.080, the positive performance is currently looking promising to break the upper range.
Technical Levels Showing Positive Momentum Amid Consolidation
The technical chart focuses on the downtrend faced by stellar in the previous month which further led to a strong consolidation phase below 0.236fib level. The current levels are looking to break above the resistance placed at 0.236fib level. However, the after roadmap of breaking above 0.236fib level doesn’t look very promising as it will be facing another resistance placed at 0.382fib level.
RSI levels are on uptrend which is a positive sign for altcoin. The current level stands at 61.34 which is in the favor of bulls.
CCI levels are down turning from the overbought region and should avoid any further downfall looking at the bullish sentiment prevailing in the market. The current level stands at 42.44
MACD levels are moving strong but are expected to face a bearish crossover.
Where Stellar Lumens Can Be Headed?
The cryptoasset has just started to face reversals from the resistance level of $0.080 and might turn negative again. Although, there’s an overall bullish sentiment in the market the consolidation phase looks too strong for the coin specifically. On the downside, it has got the support level of $0.072.
RESISTANCE LEVEL: $0.080
SUPPORT LEVEL: $0.072
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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.
