Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Steller price prediction suggests that after seeing a substantial surge in its value the XLM token can take a slight correction. The Steller price exceeded expectations after giving a breakout above the 20,50,100, and 200 EMA’s. The investors’ sentiments regarding the token are bullish and may remain positive shortly unless the price breaks its market structure.
As was estimated in the previous Steller price prediction, the price took a slight fall shortly after making the red candle. However, as expected, the bullish enthusiasm was not dampened by the seller’s entry and XLM price again made a comeback from the 20 EMA.
Presently, it is moving above all the key EMA levels on a day chart. The price action suggests that Steller’s price can take another correction after making a gravestone Doji pattern. There is a decline in the buying and selling volume as can be observed by the volume sticks and spinning top candles.
Overall cryptocurrencies are also seeing a decline in trading activity. The market is moving sideways which may impact the Steller token’s price. The present value of Steller (XLM) is $0.15 (press time). It has a market capitalization of around $4.25 Billion, which surged over the past few weeks.
Decrease In LunarCrush Levels Of Steller Crypto
Despite the drop in the majority of parameters shown on the LunarCrush platform, the price of the Steller token is observing a rise of 5.12%.
The total bullish sentiment metric is down by 17.4%. Overall social engagement level fell by 78.51%
Steller Price Prediction: Technical Analysis On Daily Timeframe
The relative strength index (RSI) line has been moving in the supply zone. The current value of the RSI is 62.77 points and the value of the 14-day SMA is 66.05 points. The RSI line is making a higher high and low pattern though it is yet to intercept below the median line.
At present, the stochastic RSI is approaching the demand zone and the value of the stochastic RSI is 27.20 points. The %K line may soon start moving toward the oversold level after crossing below the %D line.
Conclusion
As per the Steller price prediction, a struggle is going on between buyers and sellers regarding the Steller token. Investors may prefer to wait for the price to cross below the 20 EMA level before planning the next step. The probable outcome for Steller price according to price action is bearish.
Technical Levels:
Support level: –$0.1400
Resistance level: – $0.2000
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/2023/07/31/steller-price-prediction-xrp-took-forcasted-correction-next-plan/