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Home News Altcoin News

Stellar Lumens price hovers around $0.1850, what’s next?

Bilal Ahmed by Bilal Ahmed
December 3, 2020
in Altcoin News
3 min read
Stellar Lumens price hovers around $0.1850, what's next?
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TL;DR Breakdown

  • Stellar Lumens price currently at $0.182747 consolidating on the short-term charts
  • Price action moves towards the end of a triangle, a breakout is expected.
  • Upwards movement means retesting $0.200 resistance while downwards movement may send price to $0.1740

Stellar Lumens price prediction: Today’s overview

Stellar Lumens (XLM) price opened at $0.180501 with declining bullish momentum that soon vanished. The daily chart observed crisscross activity as the price continued to consolidate in the region. Currently, the Stellar Lumens price is trading at $0.182747, showing a 1.27 percent decline from the day’s opening price.

Stellar Lumens price: Where is XLM price heading

Stellar Lumens price hovers around $0.1850, what's next? 3

The above chart shows the price action of the XLM/USD pair Since the start of December 2020.

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Stellar Lumens price started December at $0.20302 with declining bullish momentum as the price failed to maintain support above the $0.200 level. While the buyers tried to defend the $0.1950 level, the bearish pressure was very high, and the price declined sharply. Since then, the price ascending above a trendline reaching towards the end of a triangle.

The price is either going to go upwards or break downwards as the triangle reaches its conclusion. If the price moves upwards, there is resistance near the $0.1950 level and further above at $0.200. Conversely, if the price declines, the nearest support lies at $0.1800, with stronger support at the base of the triangle.

On the technical indicators, the MACD shows slight bearish momentum while the RSI remains neutral. The diverging EMAs suggest further downwards movement.

XLM USD long-term trend analysis

Stellar Lumens price hovers around $0.1850, what's next? 4

While the Stellar Lumens price may be observing high volatility recently, the asset’s price movement prior to the recent bull run did not see as much action. Before November, XLM price had spent a majority of its time moving between $0.0500 and $0.1000 with little movement beyond this region on either side.

Stellar Lumens price started the year at $0.04465, consolidating above the support level defended in late-2019. In mid-January, the price rose above the $0.0500 mark as bulls dominated the markets, and the price rose steadily until mid-Feb reaching a high of $0.0880. However, the price did not manage to maintain support at the level and subsequently declined.

The price fell to a low of $0.0260 before finding a strong support level to rely on. The price consolidated at the level for a while then started ascending as April began. The price rose to $0.0750 before meeting a strong resistance level that the bulls could not break above. As such, the price consolidated near the level for the next two months.

In early-July, the price action once again turned bullish as the price rose to $0.1000 and succeeded in breaking above. However, despite multiple attempts by the bulls, the buyers could not defend a support level at the region, and the price retraced to $0.0750 before September. From September to mid-November, the price action consolidated at the region with $0.0650 acting as support for the price movement.

On 19 November, the price action turned sharply bullish, following the footsteps of the Bitcoin price. The price quickly climbed above the $0.200 level but failed to maintain support at the level—subsequently, the price to $0.18300, where it currently hovers.
On the technical indicators, the MACD shows declining bullish momentum as the two EMAs show signs of converging. Similarly, the RSI, although high, does not issue a signal and remains neutral.

Tags: cryptocurrency tradingcryptomarket
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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