Stellar Price Prediction: Will XLM Continue to Rise?

Stellar is currently trading at $0.1082 (press time) with an increase of 2.70% intraday.

The 24-hour low for XLM was $0.1051 and the 24-hour high was $0.1087.

The current Stellar price is above the 20-, 50-, 100-, and 200-Day EMAs.

The XLM/BTC pair was trading at 0.00001257 BTC with a rise of 0.94% intraday. Stellar price has been trying to reach its previous glory before the 2022 bear market with the support of accumulated bulls. After making its 52-week high at the start of 2022 the XLM token declined till the end of 2022.

However, after falling below its secondary resistance of $0.130, the buyers were going toe to toe with the sellers to keep the token price above the primary resistance of $0.0986. But near the end of the 2022 trading year, due to heavy selling pressure in the market, the token price fell below its secondary support of $0.082 near its 52-week low.

However, since the start of 2023, XLM price is in an uptrend. But after reaching its primary resistance, the token price began consolidating between its primary and secondary support as seen in the daily time frame chart.

Stellar price prediction suggests that it is currently in an uptrend after the formation of the morning star candlestick pattern after the downtrend over the daily trading chart. If the buyers continue this momentum then the XLM price may reach its secondary resistance and enter its supply zone.

The trading volume of the coin decreased by 18.26% in the last 24 hours, indicating no relationship between the trading volume and the price of XLM indicating decreasing bullish intent.

Stellar Technical Indicators:

The Relative Strength Index (RSI) is increasing in the overbought zone and displayed a positive crossover indicating that the buyers are in the majority and pushing XLM upwards. The current value of RSI is 65.80, which is above the average RSI value of 62.66.

However, the MACD and the signal line are increasing and have also shown a positive crossover on the 1-day chart.

Conclusion

Stellar price prediction suggests that it is currently in an uptrend after the formation of the morning-star candlestick pattern after the downtrend.

RSI and MACD both are increasing and have shown a positive crossover over the daily trading chart which shows strength in the current uptrend. This creates great opportunities for the long traders to take advantage of in the market.

Technical Levels

Resistance level- $0.098 and $0.130

Support level- $0.0891 and $0.0821

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing