Home
News
- Stellar price has fluctuated into a narrow horizontal range for the past eight days.
- Because of sideways momentum, trading volume reached below the $100 Million last night.
- The Stellar coin trades in green by 1.3%, along with Bitcoin at 0.000005265 Satoshis.
The stellar coin has been continuing a bearish trend with the consolidation phase in terms of the daily price scale. Since 14 August 2022, XLM price recorded a strong downtrend with a red candlesticks pattern. At the time of writing, the Stellar crypto price is trading at $0.104 mark against the USDT pair.
Price action shows bears sell the XLM coin after a sufficient sideways momentum which they did in late August. The same scenario is observed now as the XLM coin fluctuates into a narrow horizontal range for the past eight days. The $0.1 to $0.106 range looks to be a battle area of buyers and sellers in each time frame.
Speculators are far away from the XLM coin Because of sideways momentum. Meanwhile, trading volume reached below $100 Million last night, which is slightly up by 7.2% in the last 24-hours. Notably, Stellar coin trades in green by 1.3% along with Bitcoin at 0.000005265 Satoshis.
XLM is Trading Below Mid-Band of BB Indicator
From late July to Mid-August, the Mid-band of Bollinger Band indicator stood to be a support level for XLM coin, but after breakout, it turned into resistance for the altcoin. At the time, bulls try to accumulate assets above the lower-band of BB indicator over the daily price scale. In addition, the RSI indicator shows a sideways trend.
Conclusion
Stellar coins have been looking into the range-bound market for the past several days. Similarly, the RSI indicator shows a sideways trend for XLM coins. Although, the conceptual round level of $0.10 stood to be a key resistance for buyers.
Support level- $0.10
Resistance level- $0.13 and $0.20
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.
