Stellar Lumens Price Analysis: XML bears preventing upsides above $0.3100

TL;DR Breakdown

  • Stellar Lumens price analysis is slightly bearish on the 24-hour 
  • XML/USD has been trading with an intraday range of $0.2944 – 0.3147
  • The MACD histogram indicates short red bars

Stellar Lumens price analysis is slightly bearish on the 24-hour session after undergoing a 1.54 percent retracement overnight. The bulls attempted to overturn a descending channel during the final hours of yesterday’s session before finding rejection at the $0.3602 mark. 

Therefore, the coin opened the daily chart at an intraday high of $0.300 but got pulled back into the $0.2950 zone a few minutes later. The market could go any side from here, but our indicators suggest we anticipate losses in the next 24 hours. 

The cryptocurrency market is trading along a bearish trendline. Bitcoin (BTC), Ethereum (ETH), and Cardano(ADA) decreased by more than 4%. 

Stellar Lumens price analysis in the last 24 hours: XML/USD struggles to beat $0.3600

According to this Stellar Lumens price analysis, XML/USD has been trading with an intraday range of $0.2944 – 0.3147. The moderate range suggests that volatility is evenly distributed across the 24-hour chart. On the other hand, Stellar Lumen’s total trading olume saw a 3.5 percent plummet since yesterday to a sum of $608 million. Meanwhile, Stellar Lumens’ market capitalization is 2.8 percent up in the last 24 hours to a total of $8.2 billion. Coin Market Cap ranks the coin at number #22. 

XML/USD 4-hour chart: Will XML rally?

On this 4-hour Stellar Lumens price analysis chart, the XML/USD pair has dropped to the $0.3501 mark, and the bears are attempting to exert a pullback pressure. A supply zone is taking shape around this area and could be attributed to take-profit traders. 

stellar lumens price analysis
Source: TradingView

The MACD histogram on our daily Stellar Lumens price analysis indicates short red bars that suggest the short-term momentum could be on the side of the bears. Green bars were only seen on the chart a few hours ago when the price was trading at $0.3550. Here the bulls were attempting to neutralize selling pressure and retest the daily high. Meanwhile, the bullish strength was unable to counter the attack, and the price reverted to a bearish trend. 

Relative Strength Index (RSI) is leaning against 37 and seems to be sinking further into the oversold region. This shows the bears are in control and have a high probability of setting lower highs in the next 24 hours. 

Stellar Lumens Price Analysis: Conclusion

Stellar Lumens price analysis is trading within a bearish trend line which could continue into the next 24 hours. Sellers are high between $0.3550 – $0.3609. More buyers need to enter the market in order to sustain a solid ascending channel. As you wait for a change in price action across the XML/USD chart, read some of our articles on NFTs and Decentralization. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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