Is Stellar (XLM) Price Reaching $0.01 for the First Time This Year a Sign of New Highs Incoming?

2023-3-23 19:00

The Stellar Lumens (XLM) price increased significantly on March 21 and is trading inside a crucial yearly resistance. 

XLM is the native digital currency of the Stellar network, which was created by the Stellar Development Foundation. Its founder is Jed McCaleb, who was previously a co-founder of Ripple. XLM offers an improved alternative relative to fiat currencies when it comes to cross-border payments, offering much lower transaction costs combined with higher speed.

The Stellar price has fallen since April 2021, when it reached a high of $0.80. The decrease culminated with a low of $0.070 in December 2022. The price has been increasing since, validating the $0.072 horizontal area as support.

Shortly afterward, XLM broke out from the resistance line and validated it as support during the week of March 6-13, creating a long lower wick (green icon) and a higher low in the process. Both the wick and the breakout are considered bullish signs. 

Since the Stellar price has broken out from its main diagonal resistance area, it is now trading in a horizontal range between $0.072 and $0.110. 

The weekly RSI is increasing but is still below 50. Therefore, the direction of the long-term trend is still undetermined.

XLM/USDT Weekly Chart. Source: TradingView Stellar (XLM) Price Reaches Crucial Resistance

The technical analysis from the daily time frame shows that the XLM price has followed an ascending support line since the beginning of the year. More recently, it bounced at the line on March 10 (red icon), initiating the current increase.

On March 21, the Stellar Lumens price created a bullish engulfing candlestick and reached a new yearly high of $0.099. Moreover, the daily close was the highest since Nov. 10. Finally, the daily RSI broke out from its bearish divergence trend line and increased above 50. 

However, the price failed to break out from the $0.094 resistance area, which has been in place since January. It has decreased in the 24 hours since. While the numerous bullish signs support the possibility of a breakout, the trend cannot be considered bullish until the price action confirms this. 

In that case, the XLM price could increase to the long-term resistance line at $0.110. However, if the rejection continues, XLM could fall back to the ascending support line at $0.080.

XLM/USDT Daily Chart. Source: TradingView

To conclude, the most likely Stellar price forecast is the continuation of the increase toward $0.110. However, if the price fails to close above $0.094, it could fall to the closest support at $0.080.

For BeInCrypto’s latest crypto market analysis, click here.

The post Is Stellar (XLM) Price Reaching $0.01 for the First Time This Year a Sign of New Highs Incoming? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price xlm stellar sign incoming year new

price xlm → Результатов: 126


Ripple’s XRP & Stellar Lumens [XLM] Price Action – XLM Unaffected After Negative Research Report

There was more volatile price movement from Ripple’s XRP cryptocurrency this week after three weeks of tight movement and consolidation. The price nonetheless is closing the week with a Doji candle which indicates traders are still uncertain about the future price prospects of the third-ranked cryptocurrency by market cap.

2019-3-31 11:34


Stellar (XLM) Price Up Nearly 30 Percent Over 7 Days, Propelled by a Slew of Positive News Stories

A flurry of positive news stories has propelled Stellar (XLM), currently the seventh-ranked cryptocurrency by market capitalization, to a nearly 30 percent price increase over the last 7 days. Touted as the top competition for third-ranked cryptocurrency, Ripple, Stellar appears to be taking giant strides in controlling a significant portion of the emerging crypto-based economy.

2018-7-18 23:35


Bitcoin Cost Battles but 0x and BAT Surge Upon Coinbase Announcement

Advertisement Coinbase, the world’s largest crypto exchange, brokerage, and wallet platform has announced its intention to list Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX), causing the price of tokens to surge, while bitcoin has struggled to demonstrate any major price action. However, the Coinbase team emphasized that despite the

2018-7-14 22:18