XLM experienced some major price drops this week and that has caused the cryptocurrency to be running down to 0.0514 dollars. XLM would have had reached the 0.051599 dollars support if the bulls hadn’t shown up, retrieving XLM and setting it back to the 0.0577 dollars mark.
At the time of writing, Stellar price trades at 0.057754 dollars and the twenty-four (24) hour volume for ADA is valued at two hundred and four million dollars ($204,568,271). The market capital for Stellar XLM sums up to be one billion dollars ($1,161,294,546).
Stellar price trend shift
XLM has moved out of the downward wedge and failed to take off on the graph towards the top. The price has been trading sideways. This is the aftermath of a storm and Stellar seems to be enjoying this time but the bears do not feel like leaving the cryptocurrency alone for long.
If the bears try to take XLM down then the first support level that they will encounter will be at 0.0547 dollars with nearby support just below it to fortify XLM’s position above the 0.0520 dollars mark, at 0.05742 dollars. Moving down, we have the 0.051616 dollars mark for such circumstances as to when the bears come with full force.
To the topside, the bulls have the 0.0588 dollars mark to watch out for. The 0.062 dollars resistance poses little threat to the momentum that will be generated with the bulls moving past the 0.0588 dollars mark. A major resistance mark does lie on the 0.0644 dollars mark and will require quite some effort for the bulls to get past it. Once through, the price might consolidate.
The relative strength index (RSI) bullish in the short term and it seems that the bulls are determined not to let XLM start a fresh decline. Buy signals are still not lit.