TL; DR Breakdown
- Stellar traded bullishly on yesterday’s price analysis chart.
- XLM/USD started off the 24 hours price analysis chart while buyers controlled the price.
- The MACD line has crossed over the red signal line implying the buyers have more strength than the sellers.
Stellar price analysis: General price overview
Stellar was trading in a bullish trend on yesterday’s Stellar price analysis chart. However, this bullish trend was cut short by a firm selling pressure causing the prices to drop sharply to the lowest on the 5-day chart at $0.2661. The bulls could not let the bears cause another downtrend movement. So they gathered in large numbers and consolidated enough strength, and created a strong support that overturned the bearish trend, and the coin saw an upward momentum.
On the five-day price analysis chart, Stellar trades in positive momentum, with the Bollinger bands widening in most trading sessions, indicating that the market has mild volatility.
The RSI moved above the 70 mark on the first day, signaling that the buying pressure dominated the market. Things were different on the 7th as the Relative Strength Index favored the sellers, as it was ranging in the region between 0-30.
The virtual currency heatmap shows a favorable market. Despite the heatmap being red in the early trading hours, most of the coins are now trading in bullish trends.
The largest digital asset is trading at $46.9K, and it is aiming at going back to 50K. ETH is also trading is trading slightly above $3.5K, with a 4 percent increment. The bulls are eying ETH’s target at $4K. Buyers are intending to take the BNB back to the $500 mark. Despite most of the coins been bullish today, many of them have recorded massive price dips.
Stellar price movement in the last 24 hours: Bull dominance
XLM/USD began the 24 hours price analysis chart while the buyers controlled the Stellar market sending the prices upward in a head and shoulder trend before they faced strong resistance from the sellers who were anticipating to bring Stellar price downwards.
On the daily price analysis chart, the green candlesticks exceeded the red candlesticks indicating that XLMUSD traded in bullish momentum.
XLM/USD Four-hour price analysis chart: Possible surge
The Relative Strength Index indicator (RSI) is lying on the neutral zone, and there are signs of going towards the overbought region. The Bollinger bands have widened, indicating a mild volatile market.
The MACD line has crossed over the red signal line implying the buyers have more strength than the sellers.
The green bars on the MACD histogram exceed the red bars indicating a potential bull run that will see the price surge in upward momentum and surpass the intraday high.
Stellar price analysis: Conclusion
Stellar coin price analysis generally trades bearish on the daily price analysis chart. However, bulls have come into the market, as evidenced on the four price analysis chart. The bulls are doing all they can to make XLMUSD reach $0.5 before the weekend.
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