Stellar price analysis is indicating a bullish price movement for today, after the market trends shifted on 1 June 2022. The price value, after correcting down to $0.136, started to recover and is still recovering for the second day. The weekly analysis has also seen bulls taking the lead and taking the coin value to $0.148. It can further be predicted that the price levels will go higher as the trend line is supporting Stellar price.
XLM/USD 1-day price chart: Bulls lead the price to $0.148 gaining six percent value
The one-day Stellar price analysis observed a rise in price because of the ongoing bullish wave. Cryptocurrency overcame the sudden pressure from the bears, and the price levels have improved to $0.148 today gaining more than six percent value during the last 24 hours. It is expected they will achieve a new high above the first resistance level present at the $0.150 if the bullish momentum continues. The coin also reports a massive gain of 21.62 percent in value over the past week, which shows the bullish dominancy.
The moving average (MA) is showing us the average value as calculated during the month, i.e. $0.135 which is above the SMA 50 curve. The past week has helped the price climb up, this resulted in a comparatively high Relative Strength Index (RSI) score of 53 as well. The curve of the indicator is upwards which represents the buying activity in the market.
As the past week has experienced a sharp bullish trend, the volatility has also been increasing as the Bollinger bands show slight divergence. The Bollinger bands are expanding and the upper band has reached the price level of $0.151 representing the resistance, while the lower one simultaneously reached $0.117 representing the support for XLM price.
Stellar price analysis: Recent developments and further technical indications
The 4-hours Stellar price analysis shows a progression of green candlesticks which shows a continuous rise in price levels for the last 28 hours. Previously there has been a constant bearish wave dominating the price action, today, the trend is in favor of buyers. The Bollinger band average is showing a $0.143 value, with mild volatility.
The upper limit of the Bollinger bands has gone up to $0.152 and the lower one is settling at $0.134. The moving average, on the other hand, is showing us the collective average of $0.143 in the 4-hour candlestick chart. the RSI score has increased up to index 65 due to the ongoing bullish trend.
Stellar price analysis conclusion
The Stellar price analysis informs that the past week has been beneficial for cryptocurrency. The short-term trend line, as observed from the charts, has been going in the upward direction. The coin price has retraced back to $0.148 and we expect XLM to break above $0.150 today.
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Source: https://www.cryptopolitan.com/stellar-price-analysis-2022-06-03/