Stellar price analysis: XLM on course to retest $0.275 resistance

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Stellar is one of the most exciting projects in the cryptocurrency space right now. Although it’s still early days, it has a lot of potential to disrupt traditional financial institutions and provide cheaper remittance services to emerging markets. The cryptocurrency is currently trading at $0.32 and was trading at around $0.275 yesterday.

Stellar is having an excellent week, rising 3.5% over the last 24 hours. It is attempting to press past the $0.275 level, a key resistance level that was breached back in January. In the past, Stellar has been incredibly sensitive to rising interest in XLM, driven by ICOs, and we believe this week will prove to be no different.

This week’s money graph features XLM, the world’s 7th largest cryptocurrency by market capitalization. The popular altcoin, which is backed by a global team of cryptocurrency experts, was trading at $0.49 on January 2, but over the past week has hit resistance at $0.275, and we believe it may soon break under this level.. Read more about xlm news and let us know what you think.

TL;DR Summary

  • According to Stellar price research, the cryptocurrency is retesting $0.275.
  • The price of Stellar is just emerging from an inverted head and shoulder pattern to reach new heights.
  • After a basic head and shoulder pattern drove the market to $0.266 on the XLM/USD pair, the price fell.

After finding support around the $0.266 level, Stellar price research indicates that the cryptocurrency is on the rise. The cryptocurrency subsequently utilized this support level to burst over the $0.27 level of immediate resistance.

However, the cryptocurrency was unable to break through the support for an extended period of time, and it quickly dropped below the $0.264 level. From there, Stellar pricing formed an inverse head and shoulders pattern to retest the $0.266 support level and then go upward to $0.268.

Price analysis is stellar: the 4-hour chart indicates a strong retest towards $0.275.

The 4-hours candlestick Stellar price chart indicates that the cryptocurrency is slowly approaching retesting, with the last 48 hours mainly negative since August 2nd, 2021. However, because the price has just reached a low price level after some time, the Bollinger’s band has increased in volatility, but the bullish signal is still visible on the 4-hours candlestick chart as a whole.

Stellar price analysis: XLM on course to retest $0.275 resistanceTrading View provided the 4-hour chart for XLM/USD.

The moving average is now around $0.752, which makes it a good target for the current retesting period. At the time of writing, the Stellar price is on the verge of breaking through to the $0.275 level.

The 1-day price chart indicates that negative momentum is in action.

For obvious reasons, the 1-day candlestick Stellar price chart indicates not very encouraging prospects, as the previous three days have been mainly negative. The outcomes, however, are not as terrible as they seem on the daily graph. Stellar’s latest upward momentum occurred a few days ago, and the cryptocurrency’s price forecasts for the year 2021 are mainly positive.

Stellar price analysis: XLM on course to retest $0.275 resistanceTrading View provided the XLM/USD 1-day chart.

When it comes to the 3rd of August price, the Bollinger band shows a broadening volatility period with a range of $0.21 to $0.299. However, at $0.272, the moving average is significantly lower than the 4-hours chart, indicating the bullish retesting towards $0.275. The relative strength index (RSI) score for Stellar pricing, on the other hand, is indicating encouraging numbers for the cryptocurrency, with an RSI score of 54.14. The RSI score indicates that there is a solid volume of transactions at the time of writing, indicating that the market is neither being oversold or overbought.

Stellar price analysis: XLM on course to retest $0.275 resistanceTrading View provided the technical indicators for the XLM/USD chart.

Ten of the 26 technical indicators are in the buy zone, while the other nine are in the neutral zone. Only seven indicators are in the sell position, with the majority being moving averages rather than the more significant oscillators. The oscillator indicators are largely neutral, as seen in the chart above, with just two on the purchase side, while the 15 moving averages have a mixed bag of positions, with only one neutral and six on the sale side.

Conclusion

Stellar is aiming for a strong retest of $0.275, breaking the bearish trend that took hold of the market three days ago with the start of the new month. The $0.21 support level is the lowest, while the $0.299 resistance level is the highest. The present support levels around $0.268 serve as a solid foundation for the bullish momentum to retest the new highs.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

After a month in which the XLM price went in the wrong direction, recent activity has put the asset back on track to retest the previous support at $0.25. However, what will it take to break it? The price is about to reach the $0.27 resistance level and will probably drift above it.. Read more about xlm stock price and let us know what you think.

About the author

Emilia James
By Emilia James

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