Stellar Price Prediction: XLM rests at $0.47 amidst a day of heavy consolidation
3 min read- Stellar records an all-time high of $0.476.
- The upsurge trend to an all-time high might continue if the Parabolic SAR indicators turn bullish.
- Stellar might trade above the $1 mark soon.
Despite recording a promising upsurge trend throughout the day, This week, Stellar has recorded an impressive run that is unrivaled by none. The impressive bullish run that was witnessed in the first week of December and at the end of January, were overshadowed by today’s run sending the cryptocurrency to a yearly high of about $0.47.
Stellar XLM Price Prediction: Intensifying selling pressure after its correction at $0.47
Since Thursday, Stellar XLM has been bullish, recording significant upward trends and managing to hit a new all-time high of about $0.47, according to data from Trading View. The performing cryptocurrency is joined by other cryptocurrencies, which are recording bullish trends. An example is the number one crypto, Bitcoin, which topped the $48,000 mark while other cryptocurrencies follow suit.
However the big question is will they maintain the same momentum over the weekend when unpredictability is low? Stellar XLM seems keen on maintaining its bullish trend amidst the widespread crypto rally from recent price movements. According to the crypto coin’s 24-hour chart, it is evident Stellar is having a good day. While it started the day on a positive note by trading at about $0.4571, XLM managed to hit all-time highs of $0.473 and is still showing bullish signs at the time of writing.
According to the chart, we can see $0.46765 was Stellar’s lowest price today. At the time of writing, the crypto coin is trading at about $0.47 after recording an impressive 9.8 percent 24-hour price change. The failure to continue recording upsurge trends past the recent all-year high appears to pile selling pressure on the crypto coin.
We can see the cross-border digital currency exchanging above the Parabolic SAR indicators when we look at the chart. Additionally, the RSI suggests that the ongoing sideways trading might last a bit longer than anticipated. At present, the technical indicator is leveling at about 74, which is not entirely a downward price trend, but at the same time, it is not an impressive upsurge price trend.
The technical indicator movement towards the upper line will reveal an increase in selling pressure.
In case things go for the worst and current prices plummet, Stellar will have to settle for initial support at the 50 SMA on the 4-hour chart. This means Stellar might settle at the $0.4 mark. If the current buying trend continues and overhead pressure continues to go down, we can expect Stellar to explore the uphill levels of up to $0.5.
Stellar price movement in the last 4 hours
When we explore the short-term analysis on the hourly time interval, the chart supports the upward price trend prediction, especially with the Relative Strength Index moving quickly towards the upper line. It seems Stellar bulls are overworking themselves, pushing the cryptocurrency past the 50 SMA support level ensuring the crypto asset is experiencing massive buying orders.
If Stellar XLM turns to exchange under the risky middle line it is likely to trigger massive selling orders and increased overhead pressures that might force Stellar towards the $0.4 mark.
Stellar Price Prediction: Stellar might trade above the $1 mark
It is worth noting that this is majorly the pessimistic outlook. XLM still has opportunities to soar higher and close the day to exchange above the $0.5 mark. Such movements would encourage more buyers to join the market and buy the crypto coin to allow XLM to continue its mission to trade above the $1 mark.
Additionally, if the Parabolic SAR indicators turn bullish, XLM will be better positioned to continue its upwards trend.
What to expect from Stellar price?
Stellar communities on Reddit and Telegram are active, although their participation rates are significantly lower than in 2017. The coin is also still listed on all major exchanges, indicating that XLM is far from a dead project. As for most altcoins, the price will be highly dependent on what BTC does. Many analysts had earlier ascertained that BTC won’t make big moves this year but the opposite has been happening since the onset of the year.
Whether there will be slow declines or increases in value depends on team activity, potential technology breakthrough, or high-level partnerships. Read our news on the coin regularly to find out more predictions for the coming years.
