TL;DR Breakdown
- Stellar Lumens price expected to
- XLM faces resistance in crossing the $0.300 level
- The nearest support lies at $0.2750
Stellar Lumens (XLM) price has failed to cross the $0.300 level, and the price has retraced to the $0.2800 level. XLM found support at the $0.2750 level that has enabled it to climb to the current level, but if the buyers do not gain momentum quickly, the price will decline further.
The broader cryptocurrency market sentiment is bullish as most major cryptocurrencies are recovering from yesterday’s losses. Bitcoin has climbed above the $34,000 level while Ethereum recovered to the $1,100 level.
Stellar Lumens price overview: Stellar Lumens price across January
After starting the year with relatively low momentum on either side, Stellar Lumens price quickly attracted buyers as the price initiated a bull rally from the $1.300 level. The bullish momentum continued to increase over the next few days as the size of the green candlesticks continued to increase.
The trend continued until January 7, when the price reached the $0.300 level and faced strong resistance in crossing above. The price level rejected the XLM trend, and Stellar Lumens price declined as a result. Initially, the buyers defended the $0.2750 level, but yesterday, the price fell to the $0.2250 level.
Today the price has recovered above the $0.280 level, but the price still faces bearish pressure in moving above. As such, the price is consolidating above the $0.27500 level but below the $0.2900 mark.
Technical indicators and what to expect from Litecoin price
Across the technical indicators, the MACD shows little momentum on both sides as both EMAs move close together. The EMAs have remained converged since today’s opening but show a slight bullish pressure in the markets.
The RSI remains neutral, showing room for movement towards either direction. The indicator moves close to the $50.00 level suggesting that the asset is observing low momentum towards either side, and the price volatility remains low.
The Bollinger bands share a similar sentiment and are currently narrow, suggesting that XLM may observe a sharp increase.
Overall, across the daily frames, 15 of the 28 major technical indicators issue a buy signal while only four indicators issue sell signals. Meanwhile, ten indicators remain neutral and do not indicate support towards either side. This sentiment is further reinforced in the four-hour technical analysis that also issues a buy signal with 14 indicators suggesting an upwards movement.
Traders should expect Stellar Lumens to observe sideways movement at the current level as XLM rises to the $0.300 level. If the price breaks above the $0.300 level, XLM can be expected to rise to retest the $0.3500 resistance level.
Conversely, if Stellar Lumens price falls below the $0.2750 mark, XLM would retrace to $0.2500 before finding support. If the bearish pressure does not decrease, XLM may fall back to the $0.200 level. However, the positive indicators suggest an upwards movement is much more likely.
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.
