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Stellar (XLM) Witnesses a Volatile Day; Hustles to Resume the Rebound
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[Image: Stellar-Lumens_XLM-780x405.jpg]
Stellar (XLM) Witnesses a Volatile Day; Hustles to Resume the Rebound

  • XLM seems to have a support level at $0.0575, shows an upward movement
  • Yesterday’s bullish trendline has been breached with a sharp price drop on the same day
  • The coin struggling to trade above $0.058 despite volatility
  • Technical indicators appear positive except for the SMA lines

Stellar has been attempting a notable rebound since the last 24 hours though it has not been able to trade above $0.0591 as yet. The XLM coin seems to have a stiff price barrier above $0.058 as it faces rejection above it. Meanwhile, Bitcoin has managed to reclaim the price range above $7500.

Yesterday’s initial price moves of Stellar Lumens were bearish as it took a nosedive from $0.0588 to $0.0578. Seeing a support level there, the price surged above $0.586 and then pulled back to $0.579. The XLM coin again managed to trade above $0.0591 while clearing resistance at $0.058.

Here, the coin traced a head-and-shoulder pattern indicating an upcoming bearish price move. Confirming it, Stellar price again dropped sharply to $0.0575 and broke the bullish trendline. From here, the coin has managed to climb above $0.058 but is yet to note a strong price recovery. At 07:15:09 UTC, the XLM price is trading at $0.0582.

XLM/USD Price Chart:

[Image: Stellar-Price-Chart-7.png]

Bollinger Bands are narrowing, indicating a lack of volatility. The MACD chart is heading towards the bullish zone with its MACD line on the upside. RSI is at 57, showing no extremities. However, the long-term SMA line is above the short-term SMA line.

Stellar is likely to see resistance levels at $0.0597, $0.0612, and $0.0620 and support levels at $0.0574, $0.0566, and $0.0551.

by Ruti Vora

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