- Stellar Lumens price prediction stops short of $0.18 as XLM rises
- The bullish candles on hourly charts show that bulls are returning
- XLM/USD needs to cross $0.18 resistance with substantial volume
Stellar Lumens price prediction turns bullish on the hourly timeframe
Stellar Lumens has been closely following the broader crypt market since the past few days. The XLM/USD chart is reflecting the widespread stagnation in cryptocurrency prices following a sharp correction last week. The pair is struggling to cross $0.18 resistance and has been rejected twice from the upper Bollinger Band.
If the bulls are unable to take charge and build a buying momentum, the pair can correct to $0.08 on the daily charts. If selling exaggerates, the daily bullish trend and Stellar Lumens price prediction can turn over its head. Even if a massive correction doesn’t happen, there is still considerable bearish pressure on the pair due to weakness in the broader crypto market.
Stellar Lumens price movement in last 24 hours – Safe with a downward bias
Safe is a relative term in the cryptocurrency realm. For XLM/USD, safe means that presently the pair trading within the confines of the Bollinger bands in a tight range between $0.1468 and $0.1789. Lately, the consolidation phase has printed a few green candles with higher lows. The pattern signals that bulls are lining up to buy XLM, which may push Stellar Lumens price prediction higher.
In the last 24 hours, the pair has recovered from $0.1394 low to rebound towards $0.1750. Even though the price action looks lethargic, the higher lows show bullish candles that are helping the pair touch the upper end of the ascending price channel. The descending trendline resistance at $0.17 poses selling pressure on the rising price channel for Stellar Lumens price prediction.
The resistance at $0.18 is proving too much for the pair to cross. There is strong support at $0.17 resulting in the current bounce back. A re-print of November supports highly likely if a strong recovery starts. If XLM/USD closes above $0.1790, a strong bull run may begin on the back of FOMO buying.
XLM/USD 4-hour chart – Green shoots emerging as XLM bounces back
Stellar’s earlier breakdown towards $0.17 created a sell signal that ultimately took the price at $0.1394. Fortunately, the selling pressure didn’t materialize, and the pair was able to bounce back within the Bollinger Bands. The 100-hour Simple Moving Average is showing ample support for the pair near $0.17 level. The 4-hour chart is also displaying large green candles signalling the pair’s comeback.
Technical indicators on the hourly charts are showing a positive bias. The ‘Relative Strength Indicator’ at 54 is rising steadily. Also, the MACD just made a crossover to the higher side. However, Volume data is somewhat muted and is still in the uncharted region. The pair will have to stay above the 200-hour SMA by a considerable margin to chart a bullish Stellar Lumens price prediction.
The weekly uptrend is still very much in play, and traders are holding on to the long positions. However, sustained stagnation may force the daily traders to book profits in case the pair slides below $0.17 support level.
Stellar Lumens price prediction conclusion – Signs of a new bull run evident
The multiple green candles show the surge higher and, if validated, the price can cross $0.18 resistance in the next few days. However, the bears have built strong defence near $0.18 resistance and selling can intensify once again near these elevated price levels. The bulls will have to muster massive liquidity wave to cross the $0.18 barrier and close the day much higher.
As soon as the pair closes above $0.18, buyers will likely emerge in droves. FOMO fears can drive the price towards $0.2 provided the bullish run has large volumes and liquidity. On the weekly chart, there is massive support at $0.12, where the 50-day SMA currently resides. The November high of $0.23 can once again make a comeback on the XLM charts if bulls can sustain the momentum going higher.
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