XLM Price Analysis: Stellar unable to break resistance at $0.3959, bearish retracement to follow?

XLM Price Analysis

TL;DR Breakdown

  • XLM price analysis is bearish for today, down by 3.78%.
  • XLM/USDT price action found resistance at $0.3959.
  • Major support is present at $0.3638.

XLM price analysis is bearish for today, down by more than 3%. With the bears taking over the current market movement, Stellar wasn’t able to break the resistance at $0.3959. Although, it is possible that we might see this level broken in the near future.

Data from CoinmarketCap shows that the token’s trading volume rose by 52.25% and is currently at $983 million. On the other hand, the currency’s market cap dropped down by 2.84%, at 9 billion USD.

The 24-hour highest price was $0.3977, while the highest was at $0.3735. Thursday day started at $0.3980, while the highest price for the day is $0.3980. Furthermore, the lowest for today is $0.3712.

Furthermore, the XLM/USDT pair has seen huge prices surges in the month of October, currently up by 35.77% for the month of October. On the other hand, the prices dropped by more than 17% in September while rising by more than 19.3% in August.

XLM price analysis using technical indicators on a 1-day chart

The technical indicators on the 1-day chart are turning bearish as the price action failed to break out from the upper end of the Bollinger Bands. The price action is still in the upper end of the Bollinger Bands, indicating that bulls are still in charge.

The 50-day and 100-day Moving Averages remain below the price movement, indicating that the lines will act as support.

XLM Price Analysis
XLM price analysis on the daily chart by TradingView

XLM price analysis shows that the RSI indicator progresses with a negative gradient and that lower prices might follow. Furthermore, the reading is below 60, as the price is dropping into the bearish zone.

The MACD indicator shows that the MACD line and the signal lines are coming closer. If this continues, we might have a bearish crossover, throwing the price action in the clutches of bears for a number of days.

XLM Price Analysis: Stellar unable to break resistance at $0.3959, bearish retracement to follow? 1
XLM price analysis on the daily chart by TradingView

Conclusion

The XLM price analysis can be concluded on a bearish note for today, which might be a cool-off period after the huge gains we witnessed the previous day. Although, if you are in it for the long term, do check out our long-term price predictions.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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