- Stellar price prediction insinuates XLM is on the edge of further price decline as the symmetrical triangle pattern nears.
- According to the Moving Average Convergence Divergence (MACD), technical levels are continuing to weaken.
- Stellar could renew its uptrend movement if it settles above the 50 and 100 Simple Moving Average confluence.
At the time of writing, XLM shows signs of being on the edge of another price dip after failing to move past the critical hurdle at $0.45. As a result, overhead pressure is mounting and threatening higher support levels. Despite Stellar exchanging hands at $0.397 and fighting to stay afloat, current technical indicators paint a massively bearish picture.
Stellar Price Prediction: General price overview
According to Stellar’s 24-hour chart, the number 13 cryptocurrency shows signs of moving closer to a 40 percent downward trend. At present, XLM is roaming within the margins of a symmetrical triangle pattern. Usually, investors face severe resistance whenever a confluence is formed by the 50 and 100 Simple Moving Average (SMA).
Symmetrical triangles are formed by trendlines that connect sequential uptrend and downtrend price movements. Usually, these trendlines are meant to intersect at a near equal slope. Once the trendlines meet, they form a pattern that represents a period of consolidation in the fullness of time of either a surge or a decline.
Declines are predicted from the ascending trendline, and they illustrate the beginning of a downward trend. On the other hand, a price surge is identified from the descending trendline, representing the beginning of a bullish season.
Symmetrical triangles and patterns have a way of communicating accurate price targets for price declines or surges by measuring the highest point to the lowest point of the symmetrical pattern.
Stellar price movement in the past 24 hours
According to Stellar’s 24-hour chart, the number 13 cryptocurrency is on the verge of either breaking under the lower trendline or surging past the upper trendline. In the event XLM slips under the lower trendline, the crypto asset will experience a severe price decline that might push it towards the $0.25 price range.
On looking at the Moving Average Convergence Divergence (MACD), the technical indicator validates Stellar’s bearish outlook. In the event the MACD maintains a downward trend, XLM’s downtrend will gain momentum.
Stellar price movement on the 4-hour chart
According to the stop and reverse (SAR) technical indicator at the 4-hour chart, it recently turned bearish. This is evident by the parabolas’ moving above the price, revealing the sellers are becoming stronger than the buyers. Therefore, it seems critical technical indicators predict an oncoming bearish price movement as far as XLM is concerned.
It is not all gloom and doom for the number 13 cryptocurrency. If the bulls come out in substantial numbers, Stellar will overturn the current bearish outlook. The bulls have the opportunity to throw the current narrative out of the window if they manage to push Stellar into recovering the confluence resistance highlighted by the 50 and 100 Simple Moving Average on the 4-hour chart.
If Stellar manages to realize a price movement past the upper trendline, it is likely to experience an impressive 40 percent upsurge that might drive it past the $0.58 mark.
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.