- XLM token price is on a downtrend and as a result.
- XLM token price is forming a small range pattern indicating a big movement in the upcoming trading days.
- The pair of XLM/BTC is trading at the price level of $0.00000441 with a decrease of 0.12% in the last couple of trading days.
On the smaller time scale, the XLM token price is trading toward the supply zone, whereas, on a bigger time frame, the token price is trading near the demand zone. XLM token price is trading above the long-term demand zone after a significant rebound. Despite the market’s strong adverse emotions, the token price has managed to stay above the demand zone.
XLM Token Price Indicates Big Movement
On an hourly basis, the XLM token price formed higher-high and higher-low patterns. On a longer time scale, the token price is still generating lower lows and lower highs. The token price is now trading above the 50- and 25-day moving averages. Following the positive trend, the token price has risen above the 50 and 25 moving averages. As the token price rises, it can be met with significant support from these moving averages.
The token price has likewise failed to break through the top band of the Bollinger band, remaining in the centre of it. Volatility has increased as a result of increased volume, so investors should remain cautious and wait for a clear trend.
The XLM Token Price Has Been Trading Inside a Parallel Sideways Channel
ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upward. As the token price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
RSI curve is trading at the level of 58.75. The RSI curve has crossed the halfway mark of 50. Once the token gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Conclusion: XLM token price has been hovering around the supply zone. The technical parameters suggest a bullish move in upcoming days. It remains to be seen if the token price will break the rounding bottom pattern or fall heavily.
Support: $0.075 and $0.071
Resistance: $0.085 and $0.091
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
