Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Stellar Price Analysis: XLM on the verge of a 10% price descent

3 min read

TL;DR Breakdown

  • Stellar price analysis highlights XLM’s price consolidation.
  • XLM on the verge of a 10 percent price decline.
  • A close below the $0.25 midpoint range will validate a bearish narrative.
  • However, if Stellar closes the day above the $0.03 range high, it will invalidate all bearish prospects.

In the past 10 days, Stellar has tried over 5 times to breakout past a crucial resistance level. Despite its spirited efforts, the crypto coin has not been lucky. The recent price dip is an outcome of rejection at the critical resistance level.

Stellar Price Analysis: General price overview

On June 22, Stellar’s price action set a swing low at around $0.198 before surging by about 40 percent. The upward price movement saw the crypto coin facing resistance at the $0.272 resistance barrier on June 24. Since then, the crypto coin has had 3 attempts to bypass this critical level but has failed each time.

Despite this, Stellar managed to register a 1.6 percent price appreciation during Sunday’s trading session following Saturday’s 0.23 percent uptick. As a result of these price actions, the crypto coin ended the week by registering a 3.2 percent upsurge to settle around $0.27.

Stellar price movement in the past 24 hours

On looking at today’s trading session, it is evident Stellar had a mixed start to the day, with the crypto asset plunging to an early morning intraday low at around $0.253 before bouncing back. This saw the crypto coin find support at its immediate support level at around $0.25, to bounce to its current $2.554 price range. Stellar began on a high note during trading today, exchanging hands at around $0.2632 price range before embarking on adverse price action. The negative price action saw the crypto coin depreciate by about 5 percent during the morning trading session. As a result, Stellar found support at its $0.25 support line before registering positive price trends.

At the time of writing, Stellar Lumens appears to be trying to slice through the $0.267 pivot level to bring the first significant resistance barrier into play. At present, the first resistance barrier for Stellar lies at the $0.274 price region. For the crypto coin to bypass this level, it would need support from the broader market. Stellar will have breached Sunday’s $0.272 intraday high if it manages to breach this resistance level.

In the event of a market-wide crypto rally, Stellar could retest its second significant resistance level at around $0.28. If the crypto coin fails to bypass this resistance level, its price will likely retract towards the $0.261 support level.

For Stellar to avoid a sell-off extension, the crypto coin would have to avoid the $0.25 price levels at all costs. At present, $0.253 is Stellar’s second significant support level. This price range should limit any further price declines in case of a sudden price plunge.

Stellar 4-hour chart

Stellar Price Analysis: XLM on the verge of a 10% price descent 1
Source: TradingView

On looking at Stellar’s 4-hour chart, the crypto coin appears to be showing signs of further price declines if market participants continue booking for profits. A validation of this downward trend will occur if the crypto coin closes the day below the 50 percent Fibo retracement level at around $0.250. In such a case, Stellar would find itself plummeting towards its immediate support level at around $0.240. This will signify a 12 percent price dip from the $0.272 price region.

Conclusion

If Stellar’s bearish situation comes to worse, the crypto coin might extend its downward price trend towards the $0.229 price region. However, things might improve for the crypto coin if it settles at around $0.25. This will allow the remittance token to rally towards $0.272 to move past crucial resistance levels.

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.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.