XLM Price Analysis: Stellar Price on the rise as bulls run with the ball

•XLM/USD is currently priced at $0.187 and has increased 2.07% over the past day

•The technical indicators suggest a positive outcome 

•The trading volumes have decreased by 2.60% over the past day

Short Term View: Bulls come out flying in a battle of wits

The Stellar price today is $0.187187 USD with a 24-hour trading volume of $278,456,652 USD. Stellar price is up 2.07% in the last 24 hours. The trading volumes have remained stable over the past day, with only a slight reduction seen in the altcoin. The Volume to Market Cap Ratio, on the other hand ,stands at 0.06048.

The fall in the wider market manifested in the cryptocurrency prices falling like a deck of cards over the past 2 weeks. Stellar price is showing signs of recovery today, as it aims to amp up the momentum. The altcoin trades above the 20 and 50 SMA on the 4 hour chart, indicative of the bullish sentiment. However, there has already been some profit-taking from today’s swing, as early entrants look to avoid falling victim to a reversal similar to last week’s move. A continuation of the uptrend could see the asset break through the resistance placed at $0.190. A trend reversal, however, could see the altcoin tumble all the way down to the support level placed at $0.178.

Long Term View of XLM

The technical indicators suggest strong bullish sentiment prevailing in the altcoin, which has led to Stellar price soaring. The RSI is hovering around the 50 mark, being placed at 48.68. The MACD and signal lines can be seen diverging from one another and moving farther away from each other, beyond the equilibrium line. The MACD line approaching the positive zone is good news for the bulls.

Conclusion 

The upside has been accompanied by profit-takers liquidating positions, leading to the 1D candlestick fading. However, long-term investors might prefer to hold the Stellar Lumens token for a longer duration so as to recover from the recent decrease in price, but the future is bullish for the altcoin.

Support: $0.178-0.172

Resistance: $0.190

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.