Stellar XLM price analysis: Is this a one time trip above $0.065?

Stellar XLM price has had a rough day. The price had been consolidating while the moving averages have can not stop fidgeting. This has caused several spikes to shoot and retest a couple of resistances and supports.

Stellar XLM price had been trading between 0.5908 dollars on the higher end of the range and 0.5800 dollars on the lower side in the five days that have followed. It’s been a while since Stellar has seen some action. Today has been surprisingly bullish for XLM as the price has risen above the 0.600 dollars territory.

Stellar XLM price analysis: Is this a one time trip above $0.065? 2

Stellar XLM price chart by TradingView

Stellar XLM price, at the time of writing, is at 0.06523 dollars while the twenty-four (24) hour volume for the cryptocurrency sums up to be two hundred and forty million dollars ($240,600,005). The market cap for XLM is valued at one billion dollars ($1,256,525,626).

Stellar XLM price versus the technicals

Stellar XLM started today at 0.588 dollars and then rose to the current price tag where it has been trading. This has given XLM a ten percent (10%) boost in its price. Although it seems that the bulls have won today but the technical indicators have something else in store for them in the long run.

Stellar XLM price analysis: Is this a one time trip above $0.065? 3

Stellar XLM price chart by TradingView

The relative strength index (RSI) is at fifty (50) which marks the graph with a short-lived lifespan in the current trend. A parabolic stop and reverse (SAR) pattern also forming above the candles is a green light for selling to begin. Another bearish sign on the graph is the overlapping of simple moving averages (SMAs) with the short term SMA running below the long term SMA.

Moving north, we have the first mark at 0.066 dollars acting as the resistance. If the bulls breakthrough and take XLM with them then the next resistance level will be encountered by the bulls at 0.07 dollars. On the contrary, the foremost sustenance level is at 0.0579 dollars support mark. If the bears manage to pull XLM below it, then the next support mark waits for them at 0.0560 dollars.