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- The coin price has fallen by 1.83% in the last 24 hours.
- On 26 September 2023, Stellar announced the launch of Circle’s Euro-backed stablecoin EURC.
Stellar (XLM) is a peer-to-peer (P2P) decentralized blockchain designed for low-cost transactions of digital currency across borders. Its payment protocol is based on distributed ledger technology.
On 26 September 2023, the official Twitter account of Stellar tweeted the launch of Circle’s new Euro-Backed stablecoin EURC. If EURC performs well in the future, it could have a good impact on the XLM coin price, since both would be on the same blockchain.
Stellar (XLM) Coin Technical Analysis
At press time, the XLM price is at $0.1126 with an intraday decline of 1.83% and trading with a volume of $136.339 million. The current market capitalization of the coin is $3,130,803,433 and it has a circulating supply of 27,759,548,298 XLM coins. Additionally, it has a maximum supply of 50,001,806,812 XLM coins.
Will Consolidation Phase Change to Bearish Market?
Since the last 13 days, the price has been stuck in a narrow range between $0.1153 and $0.1104 and is trading just above the $0.1153 level. There is a trendline resistance that is stopping the price from moving further higher. The sellers’ dominance is visible in the XLM 1-day chart as the price is forming a pattern of lower highs.
The XLM price is trading above the 200 EMA and it is below the 50 EMA line. This shows the intense pressure that the price is facing which has made it very indecisive.
The RSI is below the 50 RSI level and has started to slope in the downward direction. This shows that the sellers have an upper hand in the current scenario.
If the price breaks below the $0.1104 support level then the price could be seen falling to its next support at $0.951. However, for the price to gain bullish momentum, it must give the breakout of the trendline. After this, it could rise to its resistance at $0.1350. If it also breaks above the $0.1350 level, then it may be seen rising to its next resistance at $0.1450.
Conclusion
The overall trend of the Stellar coin price is bearish. The price is sustaining above $0.1104 which is stopping its fall. On the upside, it has resistance at the trendline which is stopping its rise. The technical indicators are either indecisive or bearish at the time of writing. If the price closes below the $0.1104 support level, then it may continue its fall to $0.0951.
However, for the price to gain bullish momentum, it should give the breakout of the trendline. After this, it could rise to its resistance at $0.1350. If the price also gives the breakout of the $0.1350 level, then its next resistance is at $0.1450.
Technical levels
Resistance Levels: $ 0.1350 and $0.1450.
Support Levels: $0.1104 and $0.951.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
