Stellar Moving in An Uptrend: Will XLM Break the Resistance?

·       Stellar (XLM) has a YTD yield of 63.9% and the price is moving below the 50-day and 100-day EMA levels.

·       Stellar has a market cap of $3.41 Billion.

Stellar (XLM) aims to deliver a speedy and affordable payment system that connects companies, people, and payment providers internationally via its cryptocurrency and decentralized platform.

Based on the state of the market, the price of Stellar (XLM) is now showing upward momentum. The price is making a pattern of  higher highs.

Back in January 2018, nearly five years ago, the price reached a high of $0.8 before a devastating 86% decline. However, it found support at the $0.06 level, leading to a reversal and an uptrend in the price. 

Over the past month, Stellar (XLM) has gained about 46%, indicating a robust structure. This suggests that the XLM price may continue to rise in the coming days.

XLM is currently trading at $0.11, marking an 11.6% decrease. LunarCrush reports a total market volume of $49.16 million, down by 19.45% in today’s trading session. Additionally, there has been a notable 38.46% decline in the total bearish sentiment, signifying a prevailing positive sentiment among buyers.

The Open interest of the XLM coin is $51 Million. The OI of the coin rose by over 2.57% in today’s market session. This indicates that the buyers are making a fresh position.

Stellar (XLM) Indicator Analysis

ss by writer50_tcr on TradingView.com

The current market price of Stellar (XLM) is above the 50-day and 100-day EMA levels, signaling some positive momentum and the potential for a price increase soon.

The RSI and SMA lines for Stellar (XLM) are near the 60 level, which is a positive zone, suggesting a possible price rise in the future.

The MACD line for XLM is above the signal line, with the formation of a green histogram underway, indicating the coin’s increasing strength and the likelihood of a price hike.

Conclusion

In summary, Stellar (XLM) is showing indications of a potential upward movement in the near future. The price is forming a positive structure, and there is a steady increase in trading volume, suggesting the possibility of a price increase ahead.

Technical Levels

·   Support Level: $0.105

·   Resistance Level: $0.16

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.