Stellar price analysis: Bullish momentum pushes XLM past $0.37 barrier

TL;DR Breakdown

  • Green candlesticks are dominating the charts in today’s analysis.
  • Stellar price analysis shows a resistance of $0.38.
  • Considerable amount of support is detected at $0.317.

As per the latest Stellar price analysis, the bullish uptrend is ruling the market, with a greater number of green candlesticks seen on the chart. Although the past few hours displayed red candlesticks, the latest chart is showing bullish price movement at $0.38. More buyers, as compared to sellers, are turning to the market with the intention of improving the price value even further.

4-hours Stellar price analysis gives green signal to the buyers

The 4-hours Stellar price analysis is going in the bullish direction with a resistance level found at $0.3809. The past hours have been under the control of bears, yet the bulls have been able to succeed in breaking through. During the past two hours, the moving average has jumped higher to the value of $0.38. While the mean value of Bollinger bands has reached the figure of $0.36, as observed from the Stellar price analysis chart below.

Stellar price analysis: Bullish momentum pushes XLM past $0.37 barrier 7
XLM/USD 4-hours price chart. Source: TradingView

The volatility is increasing for the bullish trend as the distance between the Bollinger bands is widening, which is a positive indication for the future. The upper value of Bollinger bands is $0.401, while the lower value is $0.316 in the 4-hours XLM/USD analysis. The Relative Strength Index (RSI) is a significant indicator, and currently, it is 62.31, just near 70, which is the over-bought limit.

XLM/USD 24-hours chart: Progress shows substantial support for sellers

The past week has been favorable for the bulls as the price levels have continued to rise. Yet, the 1-day Stellar price analysis shows a rather bearish sign, with the price levels receding to a value of $0.38. Yet, the trend line is going upwards, hinting at the future possibility of raising the coin value. The moving average (MA) has stooped to $0.33, which is a negative indication for cryptocurrency.

Stellar price analysis: Bullish momentum pushes XLM past $0.37 barrier 8
XLM/USD 1-day price chart. Source: TradingView

The 4-hours candlestick chart shows the RSI score of 72.59 because the past week has proved promising for the bulls. Meanwhile, the Bollinger bands are expanding, thereby increasing the volatility and reaching an average value of $0.302. The upper Bollinger band is present at a value of $0.38, whereas the lower band is at a value of $0.22.

Stellar price analysis: Bullish momentum pushes XLM past $0.37 barrier 9
XLM/USD technical indicators chart. Source: TradingView

As deduced from the 1-day and 4-hours price analyses, the buyers have overpowered the sellers by taking the cryptocurrency value higher. The summary is showing more support for the buyers, with six indicators at the buying position, seven at the neutral, and thirteen at the selling position.

Meanwhile, the moving averages also support the bulls, with twelve indicators in the buying state, one in the neutral, and two in the selling state. The Oscillators, on the opposite, are revealing a selling trend for the day, with six oscillators as neutral, four as sellers, and one as a buyer.

Conclusion

The Stellar price analysis is showing increasing momentum for the bulls. The resistance present at the $0.38 level may be crossed by cryptocurrency if today’s trend follows in the future. Major shifts in the market trends are expected, as more and more buyers are exploring the market in search of profit. The SMA 20 may cross SMA 50, considering the record-breaking RSI score seen in the four hours analysis.

The support level in the latest candlestick chart is at $0.316, which is rising continually. Whereas the resistance level at $0.401 can be passed if the support level is retained.

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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