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- 1 XLM price retested the range support zone of $0.1200 and waited for a rebound.
- 2 Bulls are attempting a pullback and are trying to attain momentum.
The XLM price retraced to the 100 day EMA mark and has retested the neckline support region of $0.1200. Recently, the coin has registered a range breakout and retested the $0.1600 mark. Followed by the market downturn, the Stellar coin faced profit booking and regressed by 20% in the last 30 trading sessions. Moreover, the bears have covered their short positions and buyers are awaiting a rebound in the next sessions.
At press time, the Stellar coin (XLM) price was trading at $0.1276 with an intraday drop of 1.95%, reflecting neutrality on the charts. It has a monthly return ratio of -12.56% and 20% on a yearly basis. The pair of XLM/BTC is at 0.00000193 BTC, and the market cap is $2.57 Billion. Analysts are neutral and suggest that the Stellar coin price may display volatility and reach $0.1500 soon.
XLM Price To Volume Profile Reveal Profit Booking Scenario
The above data revealed the price to volume profile of the XLM crypto, highlighting a retracement movement in the last sessions. Moreover, the price action shows the seller dominance and the coin may drag toward the 200 day EMA support region. Additionally, the trend is neutral and XLM crypto may retest the immediate support zone of $0.1180 shortly.
Price Volatility and Sentiment Analysis
Per the Santiment data, the price volatility remained lower and stayed below the midline zone near 0.013. Conversely, the weighted sentiment looks positive, noting around 0.475.
Social Dominance & X Followers Outlook
The above data showcased that, the social dominance data witnessed a significant rise and surged over 15% to 0.289% mark. However, the X followers data revealed an intense decline of over 450% and slipped to -185.
Development Activity & Open Interest Overview
Following the price decline, the development activity noted a decline of over 45% and dropped to 164 this week. However, the derivative data noted a long unwinding activity and the open interest declined by 1.89% to $38.49 Million in the previous 24 hours.
Per the Fib levels, the XLM price has retested the 38.2% zone and slipped below the mid Bollinger Band support zone. The RSI curve stayed below the midline, reflecting a negative divergence on the charts.
The total supply of the XLM coin is 50 billion, whereas the volume-to-market cap ratio is 0.0465, whereas it stands at 47 per the market cap in the global crypto market.
Summary
The Stellar coin price has slipped to the 100-day EMA zone and displayed retracement movements in the last sessions. The XLM coin may continue to drain gains and may retest the 200 day EMA support region near the $0.1100 mark in the upcoming sessions.
Technical Levels
Support Levels: $0.1150 and $0.1000
Resistance Levels: $0.1320 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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
