Stellar price prediction: XLM towards $0.5, analyst

TL;DR Breakdown

• Stellar price prediction expects are rise to $0.5.
• Strong resistance currently lies at the $0.29 mark.
• Strong support currently lies at the $0.265 mark.

After a fall at the beginning of the month, Stellar Lumens has not overcome the resistance at $0.3. After a few failed tries, Stellar is on a downward trend. The cryptocurrency has also been on a downward trajectory during the daily time frame. Stellar achieved a 24-hour high at the start of the day with a price level of $0.3020, but the cryptocurrency quickly spiraled downward to its 24-hour low of $0.2639. At the time of writing, Stellar Lumens was trading hands at $0.2642 apiece.

Out of the 28 technical indicators, eight suggest a sell position, whereas both neutral and buy indications stand at 10 each. Nine of the oscillators are standing at neutral, whereas sell and buy stand both at one each. Nine of the moving averages are giving out a buy signal, whereas the sell indications are seven with one neutral indication.

Stellar price prediction: What to expect?

Analyst Truc Bidul has discovered an ascending channel formation in his Stellar price prediction. Per the analyst, the cryptocurrency has been operating inside the channel formation since the beginning of 2020. The analyst has also identified two crucial resistance levels. The first strong resistance lies at $0.35, followed by $0.52. Strong volatility is also expected from the cryptocurrency as the analyst believes that Stellar will go through volatile pullbacks inside the channel formation.

The pullbacks can cause the cryptocurrency price to drop as low as $0.18; however, the pullback will only be temporary based on the Stellar price prediction. The analyst expects the cryptocurrency to swing towards the upper boundary of the channel afterwards. The analyst is hopeful for the cryptocurrency as he is expecting Stellar to break the resistance levels. The price target of the analyst is $0.68. The Relative Stochastic Index (RSI) is bearish, whereas the Moving Average Convergence/Divergence (MACD) is close to peaking.

Analyst Unconvinced Trader has identified an upward trajectory for the cryptocurrency in his Stellar price prediction. Per the analyst, the cryptocurrency is struggling between bullish and bearish pressures, and it is not certain which one would come out dominant. The analyst has identified various indicators of both bear and bull. The analyst, however, believes that the long-term outcome of the cryptocurrency is bullish.

Cryptocurrency adoption helpful for altcoins

The Stellar Development Foundation – the organization behind XLM – recently partnered with Wirex to conduct primary research into cryptocurrencies’ vast market. The research aimed to delve into the market to identify real-use cases of cryptocurrency to achieve the mutual objective of both organizations – encouraging mass adopting of cryptocurrencies. The research also provided useful insights into improvising cryptocurrencies to fulfill the needs of the users.

The research also concluded that most respondents consider cryptocurrency as a viable alternative to traditional currency and that age and security do not pose as barriers to cryptocurrency adoption. In essence, the possibility of mass adoption of cryptocurrency seems more likely than expected, as per the research findings.