Stellar Price Analysis: XLM Finds November High and Falls – Where To Next?

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Stellar Price Analysis: XLM Finds November High and Falls – Where To Next?

  • Stellar saw a 4% price increase over the past 24 hours of trading to bring the price for the cryptocurrency up to the $0.80 level.
  • The cryptocurrency witnessed a 61% price increase over the past 30-days of trading, however, it has slipped into the 13th ranked position.

Stellar saw a 4% price hike today as the cryptocurrency reached $0.80. It has climbed even higher than this but met resistance at a bearish .382 Fib Retracement which caused it to roll over and fall lower. 

The cryptocurrency has now seen a 61% price explosion over the past 30-days as it currently sits in the 13th ranked position with a total market cap value of $1.60 billion. The cryptocurrency is still a steep 90% lower from its previous all-time high price.

Stellar Price Analysis

XLM/USD – Daily CHART – SHORT TERM

CG-xlmusd-feb13
XLM/USD – DAILY CHART – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that Stellar began the year at a price of around $0.042 as it started to climb. From low to high in 2020, Stellar has seen a fantastic performance as it surged by a total of 105%.

We can see that, in today’s trading session, XLM had pushed higher, however, it met resistance at a long term bearish .382 Fib Retracement level at $0.088 which caused the cryptocurrency to roll over and fall back beneath $0.80.

Short term prediction: NEUTRAL but turning bullish

XLM is still trading within a neutral condition, however, if it manages to break the resistance at $).0832 and close above here the market could possibly turn bullish. XLM must now fall beneath $0.060 (100-days EMA) before turning bearish again.

If the bulls break back above $0.083 and manage to crack the resistance at the bearish .382 Fib Retracement, higher resistance lies at $0.090. Above this, additional resistance is found at $0.098 (1.272 Fib Extension), $0.10 (bearish .5 Fib Retracement), and $0.109 (1.618 Fib Extension).

Alternatively, if the sellers push beneath the $0.078 support, additional support is found at $0.075, $0.072, and $0.070 (short term .382 Fib Retracement). Beneath this, extra support is found at $0.065 (.5 Fib Retracement) and $0.06 (100-days EMA).

Key Levels

Support: $0.078, $0.075, $0.073, $0.070, $0.065, $0.060

Resistance: $0.083, $0.088, $0.090, $).098, $0.102, $0.109, $0.117, $0.120.

Summary
Stellar Price Analysis: Stellar Reaches November High and Rolls Over - Where To Next?
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Stellar Price Analysis: Stellar Reaches November High and Rolls Over - Where To Next?
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Stellar saw a 4% price increase over the past 24 hours of trading to bring the price for the cryptocurrency up to the $0.80 level.
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Author: Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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Yaz Sheikh 119 Articles

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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