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- XLM price is on a negative move while being in the accumulation zone. Meanwhile, XLM/BTC sees a bearish momentum
- Technical indicators suggest a bearish move for the coin.There is also an increase on positive sentiment on social media for XLM
Stellar is an open network that allows money to be moved and stored. XLM price forecast a negative momentum for upcoming trading session. It was released on July 2014 with a main motive to boost the financial inclusion across the globe. Stellar is also called “The fast cousin of BTC” for its lowest transaction fees on every transaction. Stellar price is currently 59% below from the all-time high of $0.389.
XLM is ranked 14th with a market capitalization of more than $18,842,359,664.The market capitalization to volume ratio for the coin is 0.087. If the ratio crosses over 0.75, then a huge buying rush can be seen.
Technical Indicators Hints A Downtrend For XLM Price Forecast
The weekly technical chart of the XLM showcases a bearish momentum. On coming to the daily chart, the XLM shows a bearish move. Stellar price is below 50 and 100 Daily Moving Average. The 50MA line is at $0.3956, making temporary resistance for the price. There was a negative crossover between 50 and 100 MA in the past trading session. It showcases a downtrend momentum. Resistance for the coin on upside is at $0.50.It can see a bounce back from the $0.30 ongoing downside. There is an accumulation zone formation in XLM on the 4-hour chart. If the price breaks above the zone then a colossal buying rush can be seen. XLM/BTC pair can also see a bearish momentum in the upcoming trading sessions.
RSI(Bearish); It is trailing at 44.42 while showcasing its presence in the neutral zone. There is a negative slope formation in the RSI, highlighting the downtrend. The overall sentiment of the RSI is bearish.
Conclusion
XLM has seen various ups and downs from the last couple of months. XRP price forecast a loss of more than 7% in the upcoming months. Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$0.5
Major Support: $0.3
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
