We can expect a bullish trend for XLM price. This price upswing may be attributed to the recently released ‘XLM Growth Roadmap 2021’ by the Stellar Lumens team.
In the past week, the XLM price was bullish. XLM opened at $0.34 on February 4, 2021. As of February 10, 2021, the closing price of XLM was $0.41. In short, the Stellar (XLM) price has surged by approx. 21% in the past week.
In the last 24 hours, XLM traded in the price range of $0.37-$0.45.
The XLM rally can be primarily attributed to large scale demand by institutional investors. Grayscale – a digital currency investing authority, has accumulated a large number of XLM tokens at the current price level.
How XLM is Moving
Currently, XLM is trading at $0.43 – a surge of approx. 5% from the opening price of $0.41. It has been facing stiff resistance at $0.45 and has fallen to the current level.
The price is above the SMA and EMA lines. Hence, we can expect an uptrend.
The OBV indicator has been rising since morning. Thus, buying volumes are higher than selling volumes. However, the A/D indicator fell and has started rising slowly in the past few minutes.
The A/D indicator implies that whales are offloading in large numbers. Distributions have surpassed accumulations. Thus, the A/D line is indicating intermittent price pullbacks. We can expect the price to resume its upward movement soon.
The MACD and signal lines are positive but just above the zero line. They may become negative soon indicating bearish momentum. However, a bullish crossover of MACD line over signal line indicates temporary price corrections. Thus, the price may fall for some time before rising again.
The RSI indicator is at 57%. This implies that selling pressures are slowly overtaking buying pressures. The RSI faced rejection at 64% and fell to the current level. The AO is positive but the buy signals are very weak. Thus, a price pullback is imminent.
The ADX indicator is falling. Hence, the bullish momentum is weakening. The EOM is falling. Hence, the price may struggle to move upwards for some time.
The Aroon up line has crossed above the Aroon down line indicating that the bullish trend may be resuming. Presently, the price is above the Fibonacci pivot point of $0.41. The uptrend will resume once it crosses above the first Fibonacci resistance level of $0.44.
Currently, the price is at the 23.6 FIB retracement level of $0.43. By the end of the day, the price goes above the 23.6% FIB extension level of $0.47, then the bullish trend will continue tomorrow as well.
To sum up, we can expect a price uptrend with intermittent price corrections.