- Stellar price analysis is bearish for the day
- XLM/USD traded within a tight daily range of $0.3320– $0.3470
- At the time of writing, Stellar (XLM) is trading at $0.3399.
Stellar Price Analysis: General Price Analysis
Stellar price analysis is bearish for the day after undergoing a slow decline from the $0.3487 current higher over the past few days. We expect this momentum to continue later this week. Therefore, XLM/USD is likely moving in the direction of the $0.3200 mark next.
The virtual currency market has been trading in the bearish zone for the last two days. The majority of the coins lost momentum over the last 24 hours. Market leaders Bitcoin and Ethereum shed 1.79 and 2.02 percent, respectively. However, Solana, Dogecoin, and Cardano gained 11.00 percent, 1.00 percent, and 6.95 percent respectively. Thereby making Solana the hottest gainer of the day
Stellar price movement in the last 24 hours: XLM/USD faces gradual downsides
XLM/USD traded within a tight daily range of $0.3320– $0.3470, therefore indicating mild volatility over the last 24 hours. Trading volume has dropped by 21.45 percent and totals $616 million. Meanwhile, the total market cap trades around $7.86 billion, following a 2.75 percent drop on the 24-hour chart.
XLM/USD 4-hour chart: XLM targets the $0.3800 mark next?
On the 4-hour chart, we can see the Stellar price action continuing to decline, indicating we might see further downside later this week.
Stellar price action has witnessed a substantial bullish momentum over the past weeks after support was established around the $0.3000 mark after a retracement from the $0.4100 high at the beginning of August.
XLM/USD rallied by almost 50 percent until the bullish momentum slowly diminished and peaked slightly below $0.4000. Since only slightly higher highs were set, bears slowly started to take over the market momentum and reclaim some of the gains.
Overall, this price action development indicates bearish momentum to follow later this week. The Stellar price will likely reach to test further lows, with the $0.3500 previous significant swing high likely offering support.
If XLM finds and builds support around $0.3500 and establishes another higher low, we can expect the coin to resume its almost month-long rally and target the 5 dollar cents mark in the coming days.
At the time of writing, Stellar (XLM) is trading at $0.3399.
Stellar Price Analysis: Conclusion
Stellar price analysis is bearish for today as the market declines from the $0.3500 local swing high. Unless XLM/USD finds strong price support to sustain an imminent rally, we expect further downside later this week.