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XLM Price Analysis: Bearish sentiment yet to subside for Stellar 

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•XLM/USD is currently priced at $0.138 and has decreased by 1.55% over the past day

•The trading volumes have decreased by 12.38% over the past day

•The technical indicators suggest the altcoin is entering a period of consolidation 

Short Term View: Stellar enters a period of consolidation 

Source: XLM/USD by TradingView 

The Stellar price today is $0.138163 USD with a 24-hour trading volume of $179,691,860 USD. Stellar is down 1.55% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.05243 for the altcoin. 

XLM was trading on Wednesday with a minor cut in price as market sentiment remains bearish and investors wary of the riskier asset classes. Stellar has shown strength recently to recover from the shock that engulfed the market in the previous week. It is now transacting above the 20,50 SMA on the four hour chart, however, the momentum is yet to turn fully bullish as the altcoin enters a phase of accumulation in the next few days. If the bulls are able to splash on the market, the altcoin could be looking to scale the resistance placed at $0.20 which would go a long way towards flipping the bearish sentiment. On the flip side, the bears will be looking to target the support level placed at $0.10.  

Long Term View for XLM 

Source: XLM/USD by TradingView 

The RSI indicator for Stellar has recovered from the oversold levels it found itself in over the past week and is currently transacting at 38.98 and thus, giving off a neutral signal. On the other hand, a bullish crossover has occurred on the daily MACD chart which has turned the histogram bars green. However the momentum is yet to pick up pace as the altcoin struggles to attract the requisite number of buyers for an upswing to occur.

Conclusion 

XLM has shown great resilience to overcome the bearish pressure but is struggling to attract buyers at the current price levels. The technical indicators suggest that altcoin is entering a period of consolidation after witnessing a turbulent period.

Support: $0.10-$0.05

Resistance: $0.20-$0.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: Is Bitcoin (BTC) forming a significant technical pattern, as former Goldman Sachs ex Raoul Pal says?

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