- Stellar was currently at $0.0852 with an increase of 1.12% during the intraday trading session.
- The 24-hour low of XLM was $0.1254 and the 24-hour high of XLM was $0.1299.
- The current Stellar price is below 20, 50, 100, and 200-Days EMA.
The current price of Stellar was around $0.0852 with an increase of 1.12% during the intraday trading session. Stellar price analysis suggests that it is currently in a downtrend. Since the start of 2023, XLM was constantly rising but after reaching its secondary resistance of $0.0963 it became stranded. Then it started consolidating between its secondary resistance and its primary resistance of $0.0904 until the appearance of the evening star candlestick pattern over the daily trading chart.
The evening star candlestick pattern represents a strong trend reversal. The negative crossover of 20 EMA with the 50 and 100-days EMA over the daily trading chart represents the strength in the current bearish trend. If the sellers take over the market, they will pull XLM downwards and XLM may break its primary support of $ 0.0816. It may even reach its secondary support of 0.0700 from where it previously started rising.
The decrease in volume indicates that the number of sellers has increased. That means there is a relationship between the trading volume and the price of XLM, this signals strength in the current bearish trend. The coin’s price is heading below the 20, 50, 100, and 200-day daily moving averages.
The technical analysis of Stellar
RSI was declining in the overbought zone which indicated the weakness of the bullish trend. But now RSI is the oversold zone which represents the strength in the current bearish trend. The current value of RSI is 43.98 which is below the average RSI value of 50.34. The MACD and MACD signals are intersecting and also not giving any definitive crossover.
Stellar to rise in 2023?
The XLM coin can form an uptrend as it shows consolidation at present. The volume can witness deserted buyers but prices can steadily rise. The prices can test all the resistance levels and try for $0.1400, with staggered rise. If the prices achieve the target, the buyers can crowd the market, lured to the rally.
Conclusion
Stellar is currently in a bearish trend. Since the start of XLM was in an uptrend, then after reaching its secondary resistance it became stranded and began consolidation. The decrease in volume indicates the lack of confidence of traders in the market. RSI is rising in the oversold zone which indicates the strength in the current bearish trend, as per the technical indicators.
Technical Levels-
Resistance level- $0.0904 and $0.0963
Support level- $0.0816 and 0.0700
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/19/stellar-price-prediction-stellar-entering-its-bearish-phase/