XLM Price Analysis: Stellar looks primed for a breakout

•Stellar is currently priced at $0.239 and has increased by 2.45% over the past 24 hours

•The Trading Volume has increased by 75.66%

•Technical indicators showcase bullish momentum 

Short Term View: Stellar Lumens Looking for the nudge from the bulls

The Stellar price today is $0.239798 USD with a 24-hour trading volume of $696,872,970 USD. Stellar is up 2.45% in the last 24 hours. Stellar lumens has seen an increased trading activity over the past 24 hours which is reflected in its price increase. The Volume to Market Cap Ratio stands at 0.1168. A Falling Wedge pattern has been detected in XLM which suggests a possible bullish breakout if the momentum sustains itself.

Although January was a turbulent period for Stellar,it has witnessed enormous increase in its prices since the start of the month. It is trading below it’s all time high $0.938 which it reached on Jan 4,2018 but has been on the up in the current month. The coin is trading above the 20 and 50 SMA on the 4 hour chart with the 50 SMA trailing the 20 SMA by a big margin.

Stellar is likely to find the nearest Resistance at $0.25, with the next major resistance level at $0.28. The coin has support placed at $0.20,failing which it could drop to the lower support levels. It would then likely see a period of consolidation before it starts to move again.

Long Term View 

Stellar is showing bullish momentum as the bulls have stood firm amidst increasing pressure from the bears. The RSI stands perfectly poised at 59.77 and is above the SMA line,which suggests XLM is neither in an overbought nor oversold state.  The MACD Indicator on the other hand, oversaw a bullish crossover at the start of the month and has been trading above the signal line since then. The prices have been reflecting the increased momentum from the bulls. The histograms are above the zero line and are making higher highs in what is another positive news for the coin.

Conclusion

Stellar Price Analysis shows perfect opportunity for the cryptocurrency traders with a Falling Wedge pattern. The altcoin is likely to breakout from the pattern with just a nudge and could rise to even greater levels. Once the price gives a proper breakout from the pattern,we could then see a spike in prices in the near future.

Support:$0.20

Resistance: $0.25, next level at $0.28

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.