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•XLM/USD is currently priced at $0.12 and has increased by 0.34% over the past day
•The trading volumes have increased by 26.23% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the XLM bulls be able to recover from the setback?
The Stellar price today is $0.123528 USD with a 24-hour trading volume of $144,316,394 USD. Stellar is up 0.34% in the last 24 hours. The trading volumes have increased over the past day amid increased selling activity whereas the Volume to Market Cap Ratio stands at 0.04623 for the altcoin.
Since the beginning of July’s trade, the XLM price has been maintaining an ascending consolidation within a narrow range and is presently hovering around $0.12. However, with the influx of sellers in the market, Stellar price has taken a beating as is demonstrated by the asset currently transacting below the 20,50 SMA on the four-hour chart. The short-term trade is pretty bearish for Stellar as it is currently trading within a descending triangle. After the fresh rejection, the price could plunge back towards the local support close to $0.10 and attempt a rebound further. On the flip side, the resistance for the altcoin resides at $0.18 in the event of a trend reversal.
Long Term View for XLM
Due to the intense selling pressure prevailing in the market, Stellar has witnessed some downturns, as is depicted by the RSI transacting at 55.72 after it tumbled down a few notches. Moreover, a bearish crossover occurred two days ago which has led to the MACD line trailing the signal line on the daily chart. The histograms have turned red on the daily chart as a result of the bearish trend as well. However, the downtrend is still in its nascent stages as both the MACD and signal lines are still transacting in the positive territory, thus providing the bulls with an opening to curb the momentum.
Conclusion
The XLM/USD technical analysis shows that the market is expected to remain bearish in the near term as the market sentiment remains negative. Hence, the asset is likely to continue on its downward path.
Support: $0.10-$0.06
Resistance: $0.18-$0.25
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
