Stellar price analysis: Stellar retests $37, prepares to push lower?

TL;DR Breakdown

  • XLM moved lower overnight.
  • Support at $0.30 retested.
  • Next support target at $0.26.

Stellar price analysis is bearish for today as the market retested $0.37 resistance, which previously acted as a support and moved lower overnight. Therefore, we expect XLM/USD to move to the $0.30 mark over the next 24 hours.

Stellar price analysis: Stellar retests $37, prepares to push lower? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the red over the last 24 hours. Bitcoin is down by 0.5 percent, while Ethereum 3.8 percent. Rest of the market follows this pattern of mediocre loss.

Stellar price movement in the last 24 hours

XLM/USD traded in a range of $0.3273 – $0.3501, indicating a moderate amount of volatility. Trading volume has decreased by 11.24 percent and stands at $768 billion. Meanwhile, the total market cap stands at $7.8 billion, ranking the cryptocurrency in 19th place overall.

XLM/USD 4-hour chart  – XLM moves away from $0.37

On the 4-hour chart, we can see XLM retesting the $0.37 previous support as a resistance and preparing to push lower over the weekend.

Stellar price analysis: Stellar retests $37, prepares to push lower?
XLM/USD 4-hour chart. Source: TradingView

The overall market momentum is still bearish over the past weeks. After Stellar retraced by more than 60 percent in May, market found support at the $0.35-$0.30 price area with a quick spike higher over the following hours.

Therefore, a clear signal that bears are exhausted has been set and we can expect XLM/USD to start reversing back to upside over the next weeks. Currently a strong higher high is yet to be set, with the last swing high at $0.45.

Once a higher high above the $0.45 mark is set, we can expect XLM/USD to start trading higher and start to push towards the previous all-time high. Additionally, over the past days, XLM/USD spiked lower and made a lower low at $0.32, meaning that bears are still in control.

This price action development means that bears are still in control and it is best to stay on the sidelines for now. Once the Stellar price action sets both a high and low, we can start to look for an entry opportunity with the expectation that further upside will be seen later this month. 

Stellar Price Analysis: Conclusion 

Stellar price analysis is bearish as XML found resistance at the $0.37 mark yesterday and currently starts to move lower with the next support target of $0.30 in sight. Therefore, we should see the Stellar price decline further over the next 24 hours.

While waiting for further Stellar price action development, read our guides on buying Bitcoin, Bitcoin transactions, and Bitcoin crash in 2021.

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.

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