- Stellar after a positive rally tested a new 52 Week High of $0.2300, and it’s been trading in a bearish trend
- The XLM/BTC pair is being traded negative with a loss of -3.34% standing at 0.00000436 BTC
Stellar (XLM) slips from its new 52-Week High of $0.2300 and retracted 50% from 52 Week High, currently trading near fib level of 0.236($0.1300). After testing the higher level of $0.2300, a profit booking pulls it to the lower levels of $0.1300, XLM current market price. Stellar is now (at the time of writing) trading below 50, and 20-Day Moving Averages indicates its bearish nature. A bearish crossover is expected as 20-DMA is heading towards 50-DMA, which creates a more negative trend in XLM. Support on the lower side can consider the fib level of 0.236 ($0.1000) and $0.0700 respectively. Similarly, resistance on the higher side is anticipated at fib level 0.618 ($0.1540) and 0.786 ($0.1780).
Stellar (XLM), on short term time frame (1-hour), indicates a sideways trend after a correction from higher levels. Currently, it is trading at the price level of $0.1300 with an intraday loss of -2.11% (at the time of writing). The volume traded in last 24-hour drops by -13.92% stands at $404,431,067 and the total market capitalization slips over -1.25% currently at $2,861,427,934. Support on the lower side is placed at $0.1220 & $0.1150, on another side resistance at the higher level is placed at $0.1400 & $0.1540.
The Relative Strength Index (RSI) indicates a bearish trend while trading at 43.48. Currently, it is again heading towards overbought territory after corrected from higher levels. A short-term pullback is expected as it is heading towards the overbought territory.
Moving Average Convergence Divergence (MACD) currently indicates the bearish trend on the daily chart as it gives a negative crossover with the significance Bear’s line (orange) over Bull’s line (blue). However, a recovery is expected on the intraday.
Support levels: $0.1000 and $0.0700
Resistance levels: $0.1540 and $0.1780
