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XLM May End the Week on Bullish Note; Price Approaches Key Support
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[Image: Stellar-Lumens-Cryptonewsz-08-1.jpg]
XLM May End the Week on Bullish Note; Price Approaches Key Support

  • Stellar’s weekly chart paints an optimistic picture while the 4-month chart still shows a price decline

  • XLM is set to test the support level at $0.0597 once again before resuming the uptrend

  • The major support line corresponds to the 38.20% Fib level; next resistance level stands at $0.063

  • Technical indicators are giving positive signs while XLM trades with a buying sentiment

XLM coin was bullish yesterday, and today, the coin is correcting downwards as it is looking for support to rebound. Over the last one-week, Stellar Lumens has formed a strong and active support line at the 38.20% Fib level which has been tested multiple times in the last couple of days.

Meanwhile, Bitcoin has also started its pullback after yesterday’s surge above $9500. However, BTC’s overall bullish trend seems intact.

Stellar Price Analysis

[Image: Stellar-price-chart-1-weekly.png]

Stellar had kick-started the week with a bit of fluctuation, as shown in the chart. The coin had a flourishing mid-week with higher highs; however, the weekend is likely to remain bumpy.

Despite the ups and downs, the support line may help the XLM coin to trigger a price recovery. Stellar cryptocurrency is anticipated to have a price rally soon after a plunge above the support level, just the way it had initially in this week.

Here, Bollinger bands are heading towards a volatile phase after the recent squeeze, while RSI is at 47, showing a stable momentum.

[Image: Stellar-Price-Chart-2-4-month.png]

XLM, in its weekly chart, looks bullish but, the wider picture is a bit different. After Stellar’s sharp rise above $0.086 in last September, the coin has constantly been dropping. Apart from the lower highs, XLM is repeating one more negative price move here.

After a rise above $0.083, it had a dip below $0.075, and then it continued the heavy decline. The altcoin is again performing a similar price move; however, Bitcoin bulls are still in the game to rescue the XLM’s price trend.

by Ruti Vora

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