Stellar (XLM) News

XLM Draws Bearish Crossover Yet Appears Marginally Bullish

Stellar Lumens (XLM), at the time of penning down this analysis, was trading at $0.070534 on Coinbase against the US Dollar. While on the 12-hourly chart, XLM is retaining support from 200-day daily MA at $0.058840 and has lost support from 50-day MA after dipping from $0.0735 price area.

On the other hand, if we compare the 2-hourly YTD movement of Stellar against the greenback, we see that the currency is not retaining imminent supports due to intraday pullback and correction. It was just two days back when the coin retested 3-week support around $0.065 and is currently appearing flat after the rebound from the recent low.

The technicals of the given two given timeframes are seen contradicting, which confirms short-term volatility. On the 2-hourly chart, the 20-day Bollinger Bands laid are seen squeezing, and the price trend is seen breaching the lower band if the XLM coin retests further lows.

Stellar News
XLM/USD Chart By TradingView

If we consider the YTD movement of Stellar, we see that the coin has breached the uptrend against the US Dollar after a gradual dip from the recent high attained in the first week of the ongoing month. The 20-day Bollinger Bands laid are seen widening on the above chart, which shows that the coin is prone to unprecedented volatility in the long-term. While the other altcoins like Verge and VeChain are seen progressing, many major altcoins like Stellar, XRP, and Ethereum are facing a dearth of momentum and have been experiencing intraday pullback.

The technicals of Stellar on the YTD chart are holding a bearish crossover as the signal line crosses above the MACD line, and the RSI of the coin is lying at 41.98 and is seen inclining towards the selling zone due to intraday corrections.

XLM News

Confirming the bearishness of the XLM coin on the Month-to-Date chart, we see that the currency is drawing a downtrend on the 2-hourly chart against the US Dollar. Alongside this, the coin has lost stable support, but the intraday looks promising after the unprecedented dip that happened in the past 4 hours.

The technicals here are drawing a bullish picture, the MACD is seen crossing above the signal line, and the RSI of Stellar is seen lying at 48.15, with no major trading extremities seen.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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