XLM Network price prediction implies that bulls are showing great enthusiasm regarding XLM token. However, the price of XLM crypto is trading above the critical EMAs on the daily time frame. The price action indicates that bulls presently have a stronghold over the market. After taking a retest from the 50 EMA, Steller price surged dramatically, making an engulfing candle of more than 95% within a day.
However, the sellers are starting to step into the market according to the dark cloud cover candlestick pattern. Although, the buyers can attempt to reclaim control over price action if they lose their hold as there is exuberant buying pressure in the market and the price action indicates that sellers were not successful in dampening buyers optimism.
Despite the bullish optimism in the market, the price is presently moving in the middle of the market structure. Investors may prefer to wait for an ideal opportunity to enter the price action once XLM token takes a pullback. The immediate support zone for XLM price is near $0.1200 on the one day chart.
The present value of XLM is $0.13 and it has a market capitalization of around $3.62 Billion (press time).
Significant Surge In Social Engagement Levels: XLM Network
The total engagement level and bullish sentiment of the buyers are rising significantly on the weekly chart on the LunarCrush platform. The upsurge in these parameters suggests that the community is bullish and gaining interest in the token.
The total bullish sentiment metric increased by 74.76%, whereas the total social engagement level is up by 160.03% which suggests that the community is active regarding the token across various social media platforms.
The majority of Lunarcrush parameters are highlighted in green which is an indicator of investors’ bullish sentiments expressed across various social media channels.
XLM Network Price Prediction: Technical Analysis On 1 Day Timeframe
The RSI oscillator is taking a pullback from the 14 SMA near the overbought zone. The current value of RSI is 64.42 points, whereas the 14 SMA is providing support to it at 60.15 points. It could see a further increase in value shortly.
The stochastic RSI line is facing rejection from the median line. The value of the stochastic RSI is 44.16 points.
Conclusion
As per the analysis, XLM Network price prediction is that the price is presently moving in the middle of the market structure.
Technical levels –
Support – $0.0800
Resistance – $0.1600 and $0.1400
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/2023/07/16/steller-network-price-prediction-will-bulls-acclaim-xlm-price/