TL;DR Breakdown
- XLM price prediction reveals Stellar is on a downward whirlwind after encountering opposition at the 200 SMA.
- For Stellar to survive the ongoing onslaught, the bulls need to push it above a critical resistance level to cancel the bearish narrative.
- Multiple technical indicators show XLM might settle at the $0.38 range.
According to today’s trading activities, Stellar XLM has recorded a 0.05 percent breakdown after falling from an opening price of $0.404 to trading at about $0.399 at the time of writing. The number 13 cryptocurrency seems to be struggling to bypass the $0.41 mark on the 24-hour chart.
At the time of writing, bears appear to be in control of Stellar XLM as they seem focused on driving its price further down to the $0.3 region.
XLM Price Prediction: General price overview
At the time of writing, Stellar XLM is exchanging hands at about $0.399 while facing rejection at a junction formed by the 50 and 100 Simple Moving Average. If Stellar continues with the current downward trend and ends the day’s trading under this junction, the number 13 crypto asset is likely to pave the way for a solid bullish trend.
It is worth noting that XLM is roaming at the pinnacle of a symmetrical triangle pattern, insinuating a substantial price depreciation. Symmetrical triangles help with the identification of periods of stabilization before a surge or a dip occurs.
Usually, price depreciation occurs whenever prices settle under the lower trendline. These triangles assist us in getting accurate target points by measuring the highest and lowest points. In the instance of XLM, the triangles predict a bearish trend that might push its price to the $0.3 mark.
XLM price in the past 24 hours
According to Stellar’s 24-hour chart, XLM price seems to be eyeing a 20 percent correction. The downward trend from the symmetrical triangle pattern on the 24-hour chart shows XLM is targeting the $0.3 region. This price dip represents a 20 percent correction when calculated using the height of the pattern.
Despite the negative news, bulls still have an opportunity to cancel this breakdown. It is often the norm that after a price depreciation, cryptocurrencies usually try to re-test immediate support levels; in the case of XLM, the direct support level is at $0.421.
XLM 4-hour chart
According to the XLM 4-hour chart, the SuperTrend technical indicator has validated the bearish prospect as predicted last month. As long as XLM’s bearish outlook is in the picture, it will hold back recovery for the number 13 crypto asset.
On the 4-hour chart, the Moving Average Convergence Divergence (MACD) insinuates that the sideways trading will continue before XLM experiences a sudden breakdown. It is worth noting that the MACD blue line has not positioned itself under the signal line.
What to expect from XLM’s price
Following the bearish MACD technical indicator that seems to be favoring sellers, XLM is likely to plunder further during the day towards the 50-day Simple Moving Average region of $0.397. Should the short-term decline movement extend below the critical Simple Moving Average support, February’s low of $0.316 and monthly bottom near $0.386 will be significant regions.
On the other hand, a corrective appreciation beyond the $0.412 resistance level will not only push XLM past the 21-day Simple Moving Average of $0.426 level. Still, it will also keep the number 13 crypto asset stable beyond the horizontal region formed on 6th January.
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.
