- XLM is in uptrend from past few days
- A decent chance for short-term investors
Stellar (XLM) is now in an uptrend and trading near its 50 EMA (the blue line). The cryptocurrency is currently at its point of resistance.
XLM on daily chart
On the daily chart we can see consolidated supply and demand zones being formed and after each zones we are either seeing a breakout or breakdown and if the same happens at current levels like if price consolidates and forms a zone at current levels and then gives a breakout we can expect a bullish move then up to its next near resistance i.e. $0.115207.
MACD – There has been a bullish crossover in the MACD. When the blue line of the MACD crosses the orange signal line upward, it signals a bullish crossover. The bullish crossover of the MACD on the daily chart of Litecoin indicates a positive trend. The histogram bar shown in MACD are turning light green which shows that bull are weakening but as soon as the price rises these bars will again turn dark green indicating that bulls are again strong.
Relative Strength Index (RSI) – The RSI curve has crossed the 50-point mark at 68.52, according to the relative strength index (RSI). The overbought area of the RSI curve has been crossed, signaling bullish momentum. The value of the RSI curve has increased due to the increase in coin prices. The RSI curve may rise dramatically if the price rises further.
Analyst view and Expectations
While short-term investors could be looking forward to investing if we see a bullish trend in the following weeks, long-term investors should hold off on buying until we witness a “Golden Crossover” [when the 200 EMA is cut from below the 50 EMA, signaling a buying opportunity].
Based on past statistics, DigitalCoinPrice predicted that the price of the XLM coin may average $0.12 in 2022, $0.26 in 2023, and $0.36 in 2024. Prior to predicting a stellar lumen price of $1.61 for 2030, it predicted that the price may increase to $0.47 for stellar lumens in 2025.
The stellar lumens cryptocurrency price forecast from CryptoPredictions.com suggested that the coin might end 2022 at about $0.156. According to the website, XLM may be valued $0.1572 by September 2023.
Technical Levels
Major resistance -$0.382672
Major support -$0.070027
Conclusion
It appears that XLM is trending upward. Opportunities exist for short-term investors. There may be a bullish upswing in the upcoming weeks.
Disclaimer: The author’s opinions are shared in this article, along with those of anyone else who is discussed, but they are not meant to be taken as advice on money, investments, or other topics. When purchasing or trading cryptocurrencies, there is a danger that you could lose money.
Source: https://www.thecoinrepublic.com/2023/01/23/exploring-the-stellar-horizon-a-technical-analysis-of-xlm/