Stellar (XLM) price is seen climbing to recover

Stellar (XLM) price is seen climbing to recover

Stellar Lumen remains extremely bearish across both the short and medium-term horizons, with the cryptocurrency losing close to thirty percent in value from peak-to-trough so far this month, the stellar XLM breached the February 2019 trading low, causing the cryptocurrency to fall to its lowest level for the year. "Stellar (XLM) price is seen climbing to recover"

Stellar (XLM) price is seen climbing to recover

After peaking in May this year, Stellar Lumen has been on a steady one-way decline since forming a bearish double-top pattern formation on June 26th. In fact, since the heavy technical rejection on June 26th, Stellar Lumen has lost over fifty percent of its overall value.

From a technical perspective, the XLM / USD pair is entering into unknown territory, following the recent decline below the cryptocurrency’s all-year trading low. The daily time frame shows a large falling wedge pattern has now formed, with the XLM / USD pair approaching the bottom of the bullish reversal pattern, around the 0.061800 level.

The daily time frame also shows that a bearish death cross is underway, and the XLM / USD pair is yet to reach oversold conditions, despite the heavy decline, according to the daily RSI indicator.

The four-hour time frame shows that a bearish head and shoulders pattern is currently in play, with buyers needing to move price above the 0.085000 level just to stabilize the decline. Technical indicators on the four-hour time frame also suggest that bearish short-term momentum is still increasing.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Stellar Lumen is bearish, at 32.00 %, while the overall long-term sentiment towards the cryptocurrency is also very weak, at 32.00%.

Upside Potential

The four-hour time frame is showing that bulls need to stabilize the XLM / USD pair above its 200-period moving average, at 0.076000, to change the short-term outlook. 

The daily time frame highlights the 0.096500 and the 0.101650 levels as the major upside resistance levels bulls need to move price above to secure the medium-term sentiment towards the XLM / USD pair.

Stellar Lumen price is seen climbing the chart with tremendous speed. today is expected to bring a huge difference in the XLM price. The same reason might help in starting the price rally. The uptrend in the market was long-awaited. The traders of the Stellar XLM are gazing at the chart for a high inclination.

If we look at stellar yesterday’s price chart, the coin was seen dealing at 77,297,229 USD volume. The highest  XLM price of the coin was 0.063506 USD and the lowest price touched by the coin was 0.061749 USD.

Yesterday, the coin started dealing at $0.062. The coin immediately slipped to $0.061 by 1.88%. Later, the XLM escalated from $0.061 to $0.063 by 3.93%. Further, there was another escalation of 1.93%. The price counter changed from $0.062 to $0.064. The Stellar closed at $0.063 with an intraday progression of 2.31%. Today, the coin opened at $0.063. The price escalation was of 0.52% as the coin touched $0.064.

The market upsurge has astounded many investors. Though the upsurge isn’t bad, the sudden jump might give rise to the assumptions that it has no legs. However, traders of Stellar (XLM) are exempted from getting worried about the same. XLM has always shown a distinctive walk on the price chart.

We would recommend the traders to go for short term investment with Stellar (XLM). The time specified period is expected to yield the maximum result.

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