- Token price over 24 hours remains stagnant at $0.33 with trading volume falling over 28 percent
- On the 24-hour price chart a three black crows pattern is being formed
- Price fell below 50 and 200-day SMA with seller momentum expected before any significant upturn
Stellar price analysis suggests that the token is going for a recourse after falling below its 50 and 200-day moving averages. The market appears to be bearish as price remains stagnated at $0.33, with trading volume declining over 28 percent in the last 24 hours.
After the dip on September 7 that took XLM as low as $0.26, it has seen a gradual increase up past the $0.3 mark.
However, with decreasing trading volume and a lowly Relative Strength Index (RSI) of 47 presents a bearish outlook. Before any upturn is seen, price is expected to undergo further correction near the support at $0.25.
The larger cryptocurrency market appeared to make small increments over the past 24 hours, led by Bitcoin’s 0.3 percent increase to set price just below $46,000. Ethereum moved up almost 3 percent to just under $3,500 with other Altcoins showing mixed behaviours.
XLM/USD 24-hour chart: Price moves below simple moving average as RSI declines
The 24-hour price action for XLM/USD pair shows price to have moved below SMA which sits at $0.35. As price recovers from Tuesday’s 35 percent decline, XLM fears falling below $0.30 with technical indicators suggesting bearish returns.
The 24-hour RSI sits at a meagre value of 47, suggesting very little buyer interest in the token. The past few intra-day trading sessions have observed some consolidation to lift XLM past the lower Bollinger bands curve. However, declining trading volume suggests of more downturn to be seen before the next extension upwards.
XLM/USD 4-hour chart: Recovery key in the next trading sessions as moving averages show sell action
Bearish patterns dominate the 4-hour chart for the XLM/USD trade as 100 and 200-day moving averages show seller action. An ascending triangle can appear if the next few trading sessions can hold price upwards to consolidate price above $0.30.
Bollinger Bands curves appear to be quite close on the 4-hour chart, suggesting little trading action upwards. Price sits just above the SMA at $0.32 while the RSI is 50, presenting a ripe buying scenario for the token.
The overall Stellar price analysis conclusion is that the token is set for a change in trend as soon as buyers come into the market. Price fell below 50 and 200-day moving averages with slight increments in price over 24 hours. However, the RSI values and declining trade volume present a bearish outlook as per Stellar price analysis.
Over the next trading sessions, if price can consolidate and cross the 50-day moving average over the next 3-4 days we could see the start of an upturn that would test resistance at $0.38. Over the current trend, price pivot sits at $0.32 with support at $0.25.
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