Stellar price closed Sunday with a weekly hammer pattern. Long-term moving averages on the daily chart remain in uptrends. XLM primed to rise 25% in the coming days. Stellar price has trended sideways for 33 days between $0.440 and $0.350, and on below-average volume on each day. The 8.5% decline on March 24 was exhausted by the 25th, and XLM closed with a hammer pattern on the weekly chart, putting traders on alert that bulls were back in control. Price has since rebounded to the middle of the channel at $0.395.
Stellar price/volume profile points to accumulation
The cryptocurrency complex experienced increased volatility last week, led by Bitcoin, the bellwether cryptocurrency, but XLM closed the week down only -1.55%. The quick reversal was evidence that shakeouts to or around the low of the channel are being used as accumulation pivots.
The past week has seen Stellar (XLM) retracted from its recent high of $0.44. It reached a low of $0.25 on March 25. However, it has now consolidated to nearly $0.44 level (currently trading at $0.379).
The sudden rise of the token, as well as the recent integration, has taken it to the top three spots among the most popular crypto assets on Coinbase.
On Friday, it was the fifth month popular. But the token has gone to third, replacing Decentraland (MANA) on the position.
Stellar lumen price is facing resistance near $0.4100 and $0.4350 against the US Dollar.
XLM price is now consolidating just below $0.4000 and above the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $0.3800 on the 4-hours chart (data feed via Kraken).
The pair must clear the $0.4110 and $0.4350 resistance levels to continue higher.
Stellar lumen price is showing positive signs above $0.3800 against the US Dollar, similar to bitcoin. XLM price could start a steady increase once it clears the $0.4120 resistance.
It’s still too early to say it has tremendous meaning, but the hourly close we just had with the Total Altcoin Market Cap was the highest hourly close in history. https://twitter.com/BCBacker/status/1376603249436815361
$1.00 is programmed $XLM https://twitter.com/iholdbitcoin/status/1375897932361125892
#XLM #stellarlumens #Cryptocurrency #Cryptocurrencies #Bitcoin #XRP #Crypto
This isnt financial advice. This is entertainment. you can lose your entire investment.