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- 1 Stellar price (XLM) slid 5.17% in the last 24 hours and is currently trading at $0.1419.
- 2 Stellar (XLM) derivatives data states that a total of $408.92K open interest contracts have been created over the past 24 hours.
Stellar (XLM) is a platform that lets you send and exchange money across the world. It connects different financial systems and makes payments fast, cheap, and reliable. Stellar uses a P2P network that was started in 2014 by Stellar.org. You can use Stellar to create, transfer, and trade various cryptocurrencies.
The Stellar price is currently trading at $0.136 with a decline of 3.81% in the past 24 hours. XLM holds a total market cap of $3.719 Billion and ranks 21st in the crypto market.
XLM token has a trading volume of $137.13 Million with a decline of 7.76% over the past 24 hours. It has over 27.33 Billion tokens in circulating supply. The volume-to-market cap ratio of the XLM token is 3.53% indicating low volatility in the market.
Stellar Price Prediction Using Price Action Strategy
Stellar price analysis reveals that the token was in a correction phase from June 2022 to June 2023 and slid down suffering multiple rejections from a trendline resistance thus forming a descending triangle pattern. Recently, the token broke out of a downtrend and soared 80%
However, the price then suffered resistance and dropped 20% from the supply zone. Currently, the price is struggling to sustain near the upper levels but seems to be topping out.
The price is having trouble staying high and may correct further. Also, there is a significant decline in the volume observed and the price is trying to form a negative price action. The price may keep correcting until it gets enough buyers to surpass the upper supply zone.
XLM Price Forecast from Indicators’ point of view
As per the EMA analysis, the XLM price has made a breakout of 50, as well as 200 EMA, showing a strong uptrend prevailed. Hence, the EMAs may act as a support to the price if the price declines.
At the time of publishing, the RSI value of the XLM token is 47.92 and that of the SMA line is 59.48. RSI has suffered rejection after entering the overbought zone and declining which signals a possible correction in the price.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating a bearish sentiment in the market.
Conclusion
Stellar price prediction concludes that the token was in a correction phase from June 2022 to June 2023 and declined by suffering rejection from the upper trendline thus formed a descending triangle pattern. Recently, the token broke out of a downtrend and soared 80% but suffered rejection from the supply zone. Currently, The price is having trouble staying high and may correct further
For Now, The price may keep correcting until it gets enough buyers to surpass the upper supply zone.
Technical Levels
- Support levels: $0.095 and $0.074.
- Resistance levels: $0.155 and $0.181.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
