- Over the daily price chart, the XLM price has since begun to rise after declining for around five days.
- The crypto asset is moving above the 20 and 50 days moving average over the daily chart.
- The XLM/BTC pair is at 0.000005376 BTC which is at a significant gain of 4.12%.
The XLM price has now accumulated bulls after falling for approx. 5 days over the daily price chart. The bulls are making the coin recover but the current recovery is not enough to fulfill the huge losses faced by the investors. The bulls need to be consistent to make a successful trend reversal or the recovery efforts will be destroyed, as the bears are just waiting to smash the climbing price.
The trading volume is at a gain of 10%, and has started recovering as the bulls are focusing and this will help XLM price to climb. The price started recovering from a lower low of 0.115 USD. The ones who were willing to enter the market can make an entry now as the analysts believe this may be the initiation of a recovery phase.
The current price for one XLM coin is hovering at $0.123 which is at a gain of 3.16% in its market capitalization in the last 24 hrs. The coin has a trading volume of 134 million which is at a conspicuous gain of 11.05% and has a market cap of 3.21 billion. The volume market cap ratio is 0.04254.
What do Technical Indicators Suggest for XLM
The trading volume after a gain of 11$ is still moving below the average over daily and hourly price charts.
Whale talking about the MACD indicators it exhibithe the buyers line is moving above the seller’s line along with the green histograms showing the increase in buying. It looks like the dip is attracting the buyers. The relative strength supporting the above is climbing continuously and has a value above 60 currently. So this can be a good time to enter the market.
Conclusion
The XLM price has now accumulated bulls after falling for approx. 5 days over the daily price chart. The bulls need to be consistent to make a successful trend reversal.The trading volume is at a gain of 10%, and has started recovering as the bulls are focusing and this will help XLM price to climb. While looking at the technical indicators we can get an idea of bullish movement coming ahead, so this can be a good time to enter the market
Technical levels
Resistance levels: $0.130 and $0.138
Support levels: $0.112 and $0.102
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/07/stellar-price-analysis-xlm-accumulating-bulls-is-this-a-beginning-of-recovery/