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Stellar price analysis: XLM hovers at $0.365. Will bears return?

Stellar price analysis XLM hovers at Will bears return

TL;DR Breakdown

  • Stellar price analysis suggests the coin is receiving mixed market sentiment.
  • Support is present at $0.344.
  • Resistance is found at $0.380.

The Stellar price struggles to move higher as the price oscillation is slow as per today’s Stellar price analysis. The price continues to hover in a narrow range of $0.364-$0.365 today, unable to break past this level. Stellar was unable to follow the behemoths Bitcoin and Ethereum to break through to an all-time high, despite following the bullish-bearish trends of the market. Stellar spent a long time consolidating but to no avail, as the upside it observed during the past few days is not something traders would be expecting.

XLM/USD 1-day price chart: Bulls in trouble as trading volume dips

The 1-day price chart for stellar price analysis shows the coin has recovered from the 27th October loss to a great extent but still on the loss comparatively as it is trading hands at $0.365 at the time of writing. Today price movement has been slow as the trading volume went down by 20 percent. However, the XLM/USD pair is reporting a gain of 5.2 percent in price value over the last 24 hours due to the significant improvement of yesterday. But the crypto pair still shows a loss of 2.9 percent over the past week. The market cap also improved by 5.8 percent over the past 24 hours.

Stellar price analysis: XLM hovers at $0.365. Will bears return? 1
XLM/USD 1-day price chart. Source: Tradingview

The volatility for Stellar is decreasing as the lower Bollinger band is showing convergence to the upside, but the upper band of the indicator shows no change, indicating the price to remain in the present price envelope for the coming time. The mean average of the indicator at $0.367 indicates resistance for Stellar, while the lower band as mentioned above indicates support for XLM/USD.

The relative strength index (RSI) is now flattening out after being on a positive gradient for the last two days, indicating a slow down in buying activity in the market. There exist chances for RSI to go down as per the bigger picture; the bears seem to be gaining strength.

Stellar price analysis: Recent developments and further technical indications

The 4-hour Stellar price analysis shows the price has not improved much since the start of today’s session. As can be seen, the second last candlestick is red on the four-hour chart, followed by the last candlestick, which is green in color. This shows that the price breakout was downwards at the start of the session as bears gained power, but bulls took over in the next four hours and reversed the price function into a positive direction. However, the gain is minimal and shows tough competition between both sides of the market.

Stellar price analysis: XLM hovers at $0.365. Will bears return? 2
XLM/USD 4-hours price chart. Source: Tradingview

The volatility on the hourly chart is mild as the Bollinger bands, after converging steeply, are taking the shape of a not-so-district channel. However, in the current scenario, the upper band at $0.370 shows resistance, and the average of the indicator at $0.348 shows support for XLM/USD, as the price trades near the upper band.

The RSI shows an upwards movement curve and is present at index 56 in the upper half of the neutral zone, indicating more buying currently and can continue to go further up if the buying continues, and a reversal is also possible as the market sentiment is slightly positive but not very much.

Stellar price analysis: Conclusion

The Stellar price analysis shows that, as we know, the Stellar could not break through to another ATH as many coins did recently, and the upside was also not enough before the 27th October dip. We assume maybe something is cooking for long, as we know short terms are irrelevant for the move that is coming. We assume Stellar to be bullish in the long run, but for today the price may remain below $0.370 handle.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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