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- 1 Stellar price analysis suggests that the consolidation in XLM may resume for some more time.
- 2 XLM’s price fell 11.31% last month and is showcasing bearishness.
- 3 The price is trading below the key moving averages showcasing bearishness.
Stellar price has been trading in a narrow range between $0.101196 and $0.134468 for a long time. It lost the bullish momentum and the price faced strong resistance from the higher range.
The sellers are getting more active and showing their dominance on the higher levels. XLM price dropped 11% last month and showed signs of bearishness on the daily chart.
The 50-Day EMA is acting as a barrier and sellers succeed in keeping the trend in a downward direction. If the XLM crypto falls further and closes below $0.101196, it may worry long-term investors.
In the last four weeks, buyers and sellers both tried several times to break their opponent’s limits. The attempt failed and the price continued to trade in the range. The next direction will be clear when bulls or bears are able to break either side of the range.
Currently, Stellar price is trading at $0.115923 with an intraday increase of 0.05%. In the last 24 hours, the volume is 58.57 Million.
Stellar Price Losing Momentum; What’s Next?
Stellar price prediction suggests that it might trade inside a wide range for a long time. It lost bullish momentum and the price faced solid bearish dominance in the higher ranges.
Stellar price is taking support near the lower level but buyers look reluctant to build fresh longs. The chart pattern is mildly bearish and seems like sellers are waiting to build short on a minor bounce.
Stellar price is finding support near the lower level but buyers look hesitant to create new longs. The chart pattern is slightly bearish and seems like sellers are waiting to build short on a minor bounce.
Currently, the price is struggling to climb above the 50-Day EMA, indicating that the support level is in danger. Technical analysis suggests that a 5% to $10% drop is likely if the bearish dominance continues.
After consolidating for some time, bears may win the battle and downside range extension may occur.
XLM price is under the bears’ control and sellers look more aggressive on the daily time frame chart. The sudden fall in cryptocurrency tells us that a short-term top has been formed and correction has started. On the lower side, $0.101196 is the critical support, which, if broken, a sharp sell-off in the crypto market would follow.
Summary
Stellar price prediction is that it will continue to consolidate in January. However, sellers are tightening their grip, so, the probability of the range extending into a downtrend remains high. The analysis suggests XLM price has made a short-term top and that more drop is pending.
Technical levels
Resistance level: $0.134468.
Support levels: $0.101196.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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.
