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Stellar XLM price settles after uptrend: Can it hit $0.1?

Stellar XLM price shows uptrend Can it hit 0.1

Stellar XLM price is settling down after a surge today and it seems that the dream prediction that the Stellar Lumens would hit the $0.09 mark today has come to a logical end.

At the time of writing, Stellar XLM is the 10th largest cryptocurrency with a market cap of over one and a quarter billion dollars ($127B).

The daily trading volume recorded in the past twenty-four hours stands at over two hundred and twenty-seven hundred million dollars ($227.944M).

Stellar XLM price chart - 15 October 2019Stellar XLM price chart by Trading View

Stellar price went down to as low as $0.059 range on the 11th of October and has since been on an uptrend. XLM price reached a peak at $0.066 range today, however, it was unable to past the resistance.

It appears that the Stellar XLM price trend is recovering from a head and shoulder pattern and slight correction is likely to happen.

Stellar XLM price movement

Earlier during the day predictions surfaced that the Stellar XLM price pair would break past the resistance to test the $0.09 range, however, to no avail. Ripple XRP has been predicted to follow the same fate and is likely to pull through.

However, a bullish divergence between the price movement and the relative strength index (RSI) movement can be observed on the XLM price charts.

Stellar XLM price bullish divergence chart 15 october 2019Stellar XLM price chart by Trading View

The increase in the RSI movement is considered to be a big bullish pattern ahead sign while other traders believe that it is a rather irrelevant indictor. 

However, if the indication turns right which can be supported by the fact that the Stellar price is emerging from a head and shoulder pattern XLM price is likely to see a bullish pattern in the coming months.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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