A look at the Weekly chart for XLM in logarithmic form shows that price has fallen all the way to the 200-period moving average and is currently trading at $0.088.
Furthermore, the price is trading below the 7, 21, 50 period MAs and the Ichimoku Cloud.
The MACD is falling but seems to be showing small signs of steadying and maybe getting ready to make a bullish cross.
The most significant support area formed by the highs of April is found at $0.06-$0.07.
A look at the 3-day chart shows that price tried and failed to break the resistance offered by the 7-period MA.
Price is trading below all the moving averages and the Ichimoku Cloud.
The MACD has made a bullish cross but has lost most of its power.
However, there is some bullish divergence currently developing in the RSI.
A look at the Daily chart solidifies the findings of the 3-day and weekly charts.
Price tried and failed multiple times to break through the resistance from the 7 and 21-period moving averages.
Furthermore, the MACD made a bearish cross and is now falling.
However, there is bullish divergence developing in the RSI.
Short-Term Outlook and Price Prediction
Finally, a look at the 12-hour chart gives us clearer information about price movements during the past two months.
After the wedge breakout on December 18, price launched a rally but failed to break the 0.618 fib level at $0.14.
While initially, it seemed as if the price was getting ready for another rally, that was not the case.
It is worth noting that right now price is exactly at the lowest point of the wick on December 15, as evidenced by the yellow arrows.
Technically, we still have not broken through the support yet.
XLM Price Prediction:
Given this information, I believe that the green support line will not hold, and we will continue to fall to the support area at $0.06-$0.07
- Price has found support at the 200-period MA
- Most indicators are bearish
- The next area of support will be found at $0.06-$0.07
Latest Stellar News:
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|