- Stellar (XLM)crypto price is struggling between 20 and 200-Day EMAs.
- The XLM price has declined by 25% in the last 10 days.
Stellar crypto price has been in a bullish trend and reached a multi-day high in mid-March. Since February to mid-March, the XLM price has jumped by 44%. The price approached the $0.160 hurdle in the first week of March but failed to sustain and declined by approximately 20% in the next 24 hours. The XLM price attempted again but sellers were strong enough and dragged down the price.
The bullish trend has disturbed near the $0.160 mark and the XLM price has witnessed selling pressure. The price has dropped to the trendline and has risen by 10% in just 24 hours.
The current market price of Stellar crypto is $0.130 which has dropped by 0.38% in the last 24 hours. The market capitalization of Stellar crypto is $3.75 Billion and the 24-hour trading volume is $145.74 Million with a fall of 35%. The circulating supply is 28,697,000,451 XLM and the fully diluted market cap is $6.51 Billion. The total supply is 50,001,787,0008 XLM and the maximum supply is 50,0001,806,812 XLM.
Stellar Crypto Price vs Volume Analysis
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According to the graph of price and volume, the trading volume has been rising since February which has made a positive impact on the price. But the trading volume has decreased from $600 Million to $150 Million since the second week of March and the price has also declined. The next momentum of XLM price may depend upon the change in trading volume.
Stellar Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and social volume has been rising continuously for the last few months and the price has also increased. But for the last few days, the graph has fallen which has left a negative impact on the price of Stellar. Further changes in social dominance and social volume may affect the price accordingly.
Will the Stellar Price Manage to Defend the 200-day EMA?
BINANCE: XLM/USD 1-Day Chart By TradingView
The Stellar price has declined by 20% in the last 10 days and currently, it is struggling between the 20 and 200-Day exponential moving averages. The XLM price has been rising by taking support on the trendline and currently staying at the trendline.
Suppose the Stellar crypto price manages to sustain the 200-Day exponential moving average then buyers may show interest in the dip. If the chart structure attracts investors then this fall can be converted into a pullback and it may approach the last swing high.
On the other hand, if the XLM price slips below the trendline and sustains then the buyers may prefer to book profit which may lead to a bearish trend for the short term.
According to the technical indicators, the Stellar price is struggling between the 20 and 200-Day exponential moving averages, and selling signals can be generated below the 200-Day EMA. RSI is at 49 which has declined from the overbought zone showcasing a bearish forecast.
Technical Analysis of Stellar Price Over 4-H Timeframe
In a 4-H time frame, the XLM crypto price has been declining through a falling channel. Currently, the price has triggered a breakout from the channel and surpassed the 200-Day exponential moving average.
Suppose the Stellar price sustains over the 200-Day EMA then it may gain bullish momentum for the short term and knock the $0.150 hurdle again. Alternatively, if the XLM slips back into the channel then sellers may lead the trend.
Conclusion
Stellar price has performed positively from February to mid-March but it has witnessed selling pressure for the last 10 days. On a daily time frame, the price has been rising through a trendline and currently struggling between the 20 and 200-Day exponential moving averages. According to the analysts, the XLM price may drop below the $0.120 mark and a buying signal could be generated over the $0.150.
Technical Levels
Resistance Levels: $0.140 & $0.160
Support Levels: $0.120 & $0.110
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.