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24 March 2023
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XLM Price Analysis: Will Stellar hold the crucial support level?


XLM/USD is currently priced at $0.233 and has increased by 6.12% over the past day 

•The technical indicators suggest a period of consolidation for the altcoin

•The trading volumes have increased by a massive 128.13% over the past day 

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Short Term View: Stellar Price enters a period of consolidation 

Source: XLM/USD by TradingView 

The Stellar price today is $0.233653 USD with a 24-hour trading volume of $508,575,645 USD. Stellar is up 6.12% in the last 24 hours. The trading volumes have increased manifolds in the past day ,suggesting increased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.08817.

Stellar Coin is currently transacting above the 20,50 SMA but the momentum remains sideways inspite of the price increase in the past day. The four hour chart chart of Stellar price suggests a consolidated momentum in the altcoin for the future. The upside momentum of Stellar can face hostility near $0.190. In contrast, the support of the asset price can be found near $0.254.

Long Term View for Stellar 

Source : XLM/USD by TradingView 

On the daily Stellar price chart, the MACD and signal lines are transacting in the negative zone. The histograms are green,however. If the selling pressure continues, we might see a bearish crossover by the MACD line over the Signal line. But, the overall market momentum seems in favor of the bears, so we might see a small pullback in the price for some days. The RSI is currently transacting at 42.86, which is a neutral indicator.

Conclusion 

Stellar price is currently consolidating but we can say that the price may continue to rise for a few hours. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Support: $0.190

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Resistance: $0.254

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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