4 hours ago | Michael Fasogbon
| ⠀Stellar price: | $0.051 |
|---|---|
| ⠀Key XLM resistance levels: | $0.057, $0.062, $0.072, $0.080 |
| ⠀Key XLM support levels: | $0.048, $0.046, $0.044, $0.042 |
*Price at the time of writing
Stellar Long Term Price Prediction: Bearish
Stellar continues to show a sign of weakness after recording the yearly high at $0.15 in June this year. Following the November rejection at $0.08, the XLM market has been on a steady fall to where it’s currently changing hands at $0.0507.
How to buy Stellar Lumens (XLM) on Binance?
Amongst the top 20 cryptocurrencies, Stellar recently lost its 10th position to Tezos by the market cap after witnessing a huge liquidation from the sellers. XLM is now the 11th strongest cryptocurrency with an appropriate volume of $178.7 million. This scenario is likely to cause more selling in the future trading as next support may hold at $0.048, $0.046, $0.044 and $0.042 in a subsequent move.
Stellar is currently trading around psychological support of $0.05. A bounce is likely if the buyers can counter the bearish setup. Meanwhile, there’s a resistance at $0.057, followed by $0.062 and $0.072, above the white descending line. Reclaiming the November high of $0.08 would confirm a bullish reversal in the market.
For the past six months now, the XLM trading has been supported the RSI 30 level. A break at this level would create a serious panic sell in the market. Although, the MACD is revealed on a sideways but price is contracting in the negative zone which shows that the big shock-wave lurks around the corner.
Stellar Medium Term Price Prediction: Bearish
On the 4-hours chart, Stellar is still keeping a downward trend for some weeks now. XLM is at the same time respecting a diagonal resistance line (white) that is forming since November 23. The bearish bias remains dominant but it may soon end. For now, the closest level of support is $0.049 and 0.048.
As we can see, XLM is currently lying in the MACD negative zone, although the market is ow moving near the zero levels. A crossover could send a fast recovery into the market as $0.053 could be tested within minutes. A further climb would allow XLM to reach $0.056 and $0.06 resistant level. Following the latest price actions, XLM now rely on the RSI oversold level. However, a break or bounce is likely to occur.
Stellar Short Term Price Prediction: Bearish
Even on the hourly time frame, the XLM price remains under bearish control. The token has marked a 24-hours low of $0.050, though the current bearish sentiment may extend to $0.049 and $0.048 support. However, we can expect a significant price growth if the $0.050 can provide support for the XLM market.
Looking at the technical indicators, Stellar has reached a red zone on both RSI and MACD. A strong bullish regroup could allow the gains to $0.052 resistance, near the white regression line. A breach above this line would allow a bullish takeover to $0.054 and $0.055 resistance.
Conclusion
As much as the XLM price keeps dropping, the long bearish actions will continue to play out. But if the market can find support on the current $0.050 levels, we can expect relief from the bulls’ side with significant gains.
