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- 1 Stellar coin price bounced from the support zone of $0.1200 in the previous session.
- 2 Technical indicators are revealing bearishness and suggest a possible fall.
The Stellar coin (XLM) price signifies a sharp retracement move and has eroded the initial gains of over 20% this week. Furthermore, the price action shows the follow on selling momentum and has retested the 200-Day EMA mark. However, the breakdown is not yet registered, and the coin held on to the support zone of $0.1200. If any bounce happens, the upside of $0.1500 is the prompt hurdle for the XLM coin.
At press time, the Stellar coin (XLM) price was trading at $0.1258 with an intraday
gain of 1.01%, reflecting neutrality on the charts. It has a monthly return ratio of 8.90% and 46.38% on a yearly basis. The pair of XLM/BTC is at 0.00000196 BTC, and the market cap is $2.54 Billion. Analysts are neutral and suggest the XLM coin price may attain a rebound and will showcase volatility in the next sessions.
Stellar Price Revealed Downmove, Is Further Correction Ahead?
The price chart showcased underperformance and signifying selling pressure in the past weeks. Amidst the recent bull run in the crypto market, the Stellar coin did not contribute to the rally and stayed in the narrow range signifying the low investor interest. The trading volume remained average and witnessed a drop over 30% to $2.53 Billion in the intraday session.
Price Volatility and Sentiment Overview
Per the Santiment data, the volatility curve has risen over 35% to 0.066 implying the selloff and massive trading activity throughout the week. However, the weighted sentiment remained positive and stayed close to the midline of 0.946 revealing a positive outlook.
Social Dominance and Twitter Followers Activity Outlook
The data indicates a sharp incremental move in the social dominance and the X followers’ activity in the past sessions. The social dominance data noted a surge of over 37% to 0.318%, whereas the X followers rose over 2% to 770k.
What Does Technical Indicators Show?
Following the price decline, the RSI curve persisted in dropping and slipped below the midline signifying the negative crossover on the charts. Additionally, the open interest has noted a drop of over 1.90% to $58.90 Million. The MACD indicator shows a bearish crossover and formed red bars on the histogram showcasing the seller dominance.
Per the Fib levels, the coin has held the gains above the 23.6% zone and is close to the 38.2% level. The total supply of the XLM coin is 50 billion, whereas the volume to market cap ratio is 0.0759.
Summary
The Stellar coin price signifies a drop and reached the 200-Day EMA mark amid a selloff in the past few sessions. Moreover, the coin has underperformed and did not showcase any significant buying cues with low volume activity, implying a negative outlook.
Technical Levels
Support Levels: $0.1200 and $0.1130
Resistance Levels: $0.1370 and $0.1500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
