On 27th January, XLM was trading at $0.27. On this day, most of the market indicators were giving bearish signals. The price did follow a bearish trend as XLM price reached $0.23. In other words, the price did fall below the Fibonacci support levels predicted for that day.
Trends in XLM Since 29th Jan 2021
However, the trend started reversing. XLM price has been on an upswing. On 29th January, XLM price reached a high point of $0.36. Thereafter, the price started falling again. However, the price pullback wasn’t very steep. On 30th January, the price crossed the $0.35 mark. Thereafter, the price has been on a downswing again. As of 30th January, the closing price was $0.31.
Trends for the Day-Ahead and Tomorrow
Currently, XLM is trading at $0.32 – well above the Fibonacci pivot point of $0.31. An uptrend is confirmed if XLM price successfully breaks out of the three resistance levels of $0.33, $0.34, and $0.36, respectively. Looking at the current price, a breach of the first resistance level is most likely.
Both the OBV indicator and price are following a similar trend with intermittent bullish and bearish signals. If both OBV and price continue to rise, then an uptrend is likely and vice-versa. If the price rises but OBV starts falling, then the uptrend is unsustainable and vice-versa.
The A/D indicator is following the same pattern as the OBV indicator. In the past 24 hours, initially, accumulation/buying pressures seemed to dominate. However, later distribution/selling pressures took over pulling down the price. But, the price, OBV, and A/D lines are steadily rising. Thus, a price uptick is probable.
The RSI indicator is currently at 65.92%. A few minutes back, the price had treaded above 70% in the overbought region. The RSI is still closer to the 70% region, indicating high buying pressures. So, we can expect the price to rise.
Both the MACD and signal lines are positive. An upward crossover by MACD line over the signal line indicates a price rise. The AO indicator is also in the positive region indicating ‘buy’ signals. Thus, 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.