Stellar Lumens Price has displayed great improvement in January 2020. The XLM price has risen by almost 60 percent. The current market condition for XLM looks rather bad. Why? Let’s take a closer look now!
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XLM price analysis- bullish monthly chart
According to the monthly price chart, Stellar Lumens formed a bullish candle, which addresses in principle for rising rates for Stellar Lumens.
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XLM price analysis- bullish divergence?
A bullish divergence in the RSI had formed in the weekly price of XLM. However, it already seems to have dissolved since Stellar Lumens has increased by almost 60 percent. It is questionable whether the increase can continue.
XLM price analysis- resistance!
A bearish divergence has formed in the RSI in the daily exchange rate. The Stellar Lumens price is facing several key resistances. After all, Stellar is currently right at the 0.5 Fib level, which acts as a resistance at $ 0.065. The 200-day EMA is just a few cents above at $ 0.068, as is the golden ratio, which is between $ 0.07 and $ 0.0718. All of these levels act as strong resistances.
XLM price analysis- important trend line!
Also, between the resistors, there is an important trend line on the 200-day EMA at $ 0.068. This trend line was established on May 01, 2018. So it looks very bad for the Stellar price, at least in the short term. The Stellar course will only find strong support again at $ 0.053.
XLM price analysis- XLM vs BTC
XLM looks better against BTC than against USD because a higher low has formed in the weekly chart, but there are no other bullish signals. Stellar is at the second-lowest point since September 2019. Although Stellar could soon rise strongly against BTC, this could also mean that Bitcoin is falling stronger than XLM against USD.
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