- Stellar price analysis shows that the cryptocurrency is retesting towards $0.275.
- Stellar price is just getting out of an inverse head and shoulder to gain new height.
- XLM/USD pair dropped after a simple head and shoulder pushed the price to $0.266.
Stellar price analysis shows that the cryptocurrency is going strong after having found support at the $0.266 mark. The cryptocurrency then used this support level to break past the immediate resistance found at the $0.27 mark.
However, the cryptocurrency was unable to break past the support for too long and soon enough it fell down further below until the $0.264 mark was hit. From here Stellar price went into an inverse head and shoulder formation to retest the support found at $0.266 and further above that to the $0.268 mark.
Stellar price analysis: 4-hours chart shows positive retest towards $0.275
The 4-hours candlestick Stellar price chart shows that the cryptocurrency is going in slow towards the retesting while the past 48 hours have mostly been bearish since the 2nd of August 2021. The Bollinger’s band however show some increase in volatility since the price has recently hit a low price mark after some time but the bullish signal is evident on the 4-hours candlestick chart as a whole.
The moving average stands at the $0.752 mark making it a promising target for the current retesting phase. Stellar price is going in hot for the greatest and possible breakthrough to the $0.275 mark at the time of writing.
Stellar price 1-day chart shows bearish momentum in play
The 1-day candlestick Stellar price chart shows not so promising results for obvious reasons where the past three days have largely been bearish. However, the results are not as bad as they seem on the daily chart. Stellar saw the last bullish momentum a few days back and the price predictions for the year 2021 have largely been promising enough for the cryptocurrency.
The Bollinger’s band show a widening volatility period when it comes to the 3rd of August pricing with a range of $0.21 to $0.299. However, the moving average rests slightly lower than the 4-hours chart at $0.272 somewhat confirming the positive retesting towards the $0.275 mark. The relative strength index (RSI) score on the other hand is showing promising figures for the cryptocurrency with the RSI score for Stellar price standing at 54.14. The RSI score means that there is a healthy volume of transactions at the time of writing, which is maintaining the market without overselling or overbuying in play.
Out of the total 26 technical indicators, 10 are standing at the buy indication while nine stand neutral. Only seven indicators are standing at the selling position and most of them are moving averages rather than the more important oscillators. Oscillator indicators mostly stand neutral as evident from the chart above with only two on the buy indication while the 15 moving averages are showing a diverse position with only one neutral and as many six indicators standing at the sell indication.
Stellar is going in strong for a retest towards the $0.275 mark breaking the bearish pattern that took over the market about three days back with the start of the new month. The lowest support is found at the $0.21 mark while the highest resistance is found at the $0.299 mark. The current support levels found at the $0.268 mark are working as a strong base for the bullish momentum to retest the new highs.
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