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•XLM/USD is currently priced at $0.109 and has increased by 1.44% over the past day
•The trading volumes have increased by 9.44% over the past day
•The technical indicators suggest a hawkish outlook for the coin
Short Term View: Stellar Coin looks ripe for the taking
The Stellar price today is $0.109306 USD with a 24-hour trading volume of $153,124,313 USD. Stellar is up 1.44% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.05592 for the altcoin.
After reaching the all-time high of $0.9381 on Jan 04, 2018, Stellar coin has undergone significant reduction in prices. XLM is currently showing signs of weakness in its bullish rally, with major chinks in its armory observed. It is currently trading below the 20 and 50 SMA on the 4 hour chart. If XLM coin is able to start the next leg of the uptrend, the altcoin could scale the resistance placed at $0.15. On the other hand, if the asset succumbs to the bearish pressure,the asset could drop to the strong support zone at $0.08.
Long Term View for XLM
The technical indicators validate the bearish sentiment regarding Stellar as the green bars have become redundant on the daily chart as XLM has been immersed in intense selling pressure. The MACD and signal lines continue to transact in the negative territory with no upside to be expected in the coming days. The RSI, on the other hand, is currently transacting at 41.85, with weakness in momentum evident from the RSI line’s move below the 14-day average line.
Conclusion
Stellar is currently at the mercy of the bears as the bullish rally wavers. A break and close below the support zone could signal the start of a deeper correction. If that were to occur, the bulls would have to push and sustain the price above the downtrend line to indicate that the correction is over.
Support: $0.08
Resistance:$0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
