16 hours ago | Michael Fasogbon
Key Highlights:
- Stellar is bullish in the short-term but needs to surpass $0.060 to confirm a long-term buy.
- The buyers remain trapped in a six-month descending wedge.
| ⠀Stellar price: | $0.048 |
|---|---|
| ⠀Key XLM resistance levels: | $0.058, $0.070, $0.083 |
| ⠀Key XLM support levels: | $0.045, $0.043, $0.040 |
*Price at the time of writing
Stellar price long-term prediction: Bearish
Last year, Stellar’s performance was very poor following a series of drops that made the 13th largest cryptocurrency remain in a perpetual bearish mode throughout the mid-year. Because of this, the long-term bearish bias is still very much dominant in the XLM market.
How to buy Stellar Lumens (XLM) on Binance?
However, the token has seen a substantial increase to $0.051 due to the latest positive rally in the entire cryptocurrency space. The recent recovery from the $0.043 low has amounted to +8% gains over the last 24 hours. Stellar is now facing the grey-dotted trend line that has been forming since mid-2019.
A successful climb above this trend line could propel buyers to the falling wedge’s resistance of $0.058, where the orange zone lies. If the buying pressure continues, the XLM price may break to $0.070 and $0.083 to test the second orange resistance zone.
A bearish turn from the current high may send XLM back to the $0.045 and $0.043 support levels. New lows may be printed if the above-mentioned support breaks. However, the technical indicators are currently forming a bullish swing. We can expect a further price increase as long as they remain in an upward trend.
Stellar price medium-term prediction: Bearish
Yesterday, Stellar broke out of a tough resistance area at 0.047 which has been posing a threat to the buyers for the past three weeks. This resistance area has now become a support area that may provide a rebound for the market soon. As we can see, XLM is looking for a re-test around the orange support area.
A bullish continuation will be confirmed if XLM surpasses the grey-dotted descending line. In that scenario, we can anticipate more gains to $0.054 and above. A look at the technical indicators suggests that the bulls are stepping back into the market, although we may see a small downward correction soon.
If the price corrects below this orange area, the XLM market may slip back in a bearish zone. The potential support levels to watch here are $0.045 and $0.043.
Stellar price short-term prediction: Bullish
The buying pressure of the last 24 hours appears weak at the moment as sellers are likely to temporarily gain control. The selling price range is the $0.048 – $0.047 support area. The buyers are likely to resume pressure as soon as the XLM market finds a key rebound level at this mentioned area.
Should the price drop beneath the rising orange line, Stellar could resume its long-term bearish trend.
The Hourly MACD and RSI indicators are on a downward range to signal a sell. If the buyers can regroup well at the immediate support area, the price of XLM would continue to rise at $0.051 and above. Stellar remains bullish on the hourly time frame.
Conclusion
If the XLM price continues to increase on the hourly chart, especially above the $0.051 resistance, we can expect more significant gains to $0.06. Meanwhile, the buying pressure is still weak on the daily chart. Stellar may resume its bearish trend if the price drops below $0.045.
Previous XLM price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Stellar:
