- The stellar Coin is forming the bearish chart pattern while trading under the falling channel pattern with no sign of a breakout
- The token is facing strong rejection from the 20-day short term moving average (SMA) with low volume activity
- The pair of XLM/BTC is trading positively with intraday gains of +0.50% at 0.000007702 BTC, while the ratio of XLM/ETH gains over +0.97% in the past 24-hours standing at 0.0001355 ETH.
Stellar Coin over the monthly time frame is witnessing a strong bearish momentum while trading under the falling channel pattern. The digital asset is presently facing a strong selloff with no sign of recovery, and the volume action is also near the average line. After making its 52-week highs of $0.7965, the Coin is continuously undergoing selling pressure, and now it reaches near its 90-day low mark of around $0.2000. In contrast, the closing or sustainability of token above 20 and 200-DMA will give more confidence to Bulls with supportive volume action. Until pass fails to overcome 20 and 200-DMA, the sell on rising trend is still intact in upcoming trading sessions. Support on the lower side is $2250 and $0.2000, while resistance on the higher side is $3000 and $0.3720.
Stellar Coin Over The Weekly Chart is Trying to Rebound
Stellar Coin over the weekly chart is trying to rebound after facing significant selling pressure, and volume is also improving. Moreover, XLM is heading towards the minor hurdle of $0.2750 in the short term and is currently forming a bullish chart pattern. Likewise, the technical parameters favor bulls, and we can see a good pullback in upcoming trading sessions. Presently, the token is trading at $0.2563 with intraday gains of +5.12% and a volume to market cap ratio at 0.07349.
Relative Strength Index (BULLISH): Stellar coin RSI presently projects bullish or positive over the weekly chart. In contrast, the RSI is heading towards the overbought zone after a healthy correction from higher-level CMP at 51.
Moving Average Convergence Divergence (BULLISH) currently indicates a bullish or positive trend on the daily chart. This is because the buyer’s signal line (green) suppresses the seller’s line (red) and creates positive momentum.
Support levels: $2250 and $0.2000
Resistance levels: $3000 and $0.3720.