Stellar price analysis: XLM/USD struggles to break past the $0.1057 resistance

Stellar price analysis has a very balanced sentiment today. However, it fell to a low of $0.1036 earlier in the day and has since bounced back to $0.1053.

The price of XLM/USD has increased by roughly 1%, with today’s local high currently at $0.1057. If we look at the overall market, bearish sentiments are still present. The crypto heat map shows most of the coins in the reds, with BTC undergoing a decrease of 0.87 percent while Ethereum is low by 1.45 percent.

Stellar TA
Cryptocurrency heat map by Coin360

Stellar 24-hour price movement: XLM/USD sets local support at $0.1036

Stellar price analysis
Stellar Price Chart by TradingView

Earlier in the day to day, Stellar’s price went down to $0.1359. However, it quickly recovered slightly in the next hour, followed by a gradual recovery up to $0.1057, where it set a new resistance level. The market cap of Stellar is currently at $2,661,665,394, which marks an increase of 1 percent since yesterday. Furthermore, the 24-hour trading volume has decreased by 29.59 percent.

Currently, $0.1053, and the RSI is almost touching 60 on the hourly chart. While Stellar is not extremely overbought at this point, it is certainly moving in that direction. The histograms on the MACD are in the greens with increasing strength and no indication of an impending crossover. This further supports the prediction that XLM/USD might not break past the recent resistance level at $0.1057.

Earlier, a sharp dip was observed when the RSI touched the 60-mark based on the screenshot above. So, is Stellar gearing up to follow a similar pattern in the next few hours? Well, that is quite likely.

4-hour Stellar price analysis: XLM/USD gearing up for a possible dip

4h graph
Stellar Price Chart by TradingView

The 4-hour chart paints a more positive picture for today’s Stellar price analysis. RSI level is at 52, which is quite balanced and a healthy sign for now. Furthermore, the MACD lines diverge outwards, so a cross-over is not immediately imminent.

It looks like Stellar price will bounce between the recent local highs and lows for a few hours before taking a more extreme movement in either direction. However, the 4-hour chart also shows it is struggling to break past the $0.1057 resistance level.

Since it has already bounced back from $0.1036, it looks like Stellar is gearing up for another dip in the short term. Eventually, the currently ongoing tug-of-war will end, and the bears will take over for good. It is also more reasonable to expect this because of the overall bearish sentiment of the market today.

Stellar price analysis: Conclusion

Stellar is expected to undergo a short dip in the next few hours since it is already hovering around the recent resistance levels. Since the market’s sentiment is not very positive, it is not expected to break past the resistance. The RSI level of 60 on the hourly chart indicates that the market is becoming overbought. Hence, a small dip might just be underway.

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Source: https://www.cryptopolitan.com/stellar-price-analysis-2022-09-03/