XLM Prices in a Bear Hug at $0.247
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

XLM Prices in a Bear Hug at $0.247

January 27, 2021      Ankita Awasthi

As of 20th January, 2.30 pm, XLM was trading at $0.28558. As the week progressed, XLM prices dropped. On 26th January, the closing price was approximately $0.2556. Thus, the prices dropped by 10.5% over the week.

New Developments

The news of Stellar Development Foundation’s $5 million investment in payments firm Wyre had no effect on investor sentiments. Nor was there a massive drop in prices nor the emergence of a bullish trend.

As of 27th January, 5.20 am, XLM price reached the day’s high of $0.2618. Thereafter, the trend reversed and prices fell.

There is immense selling pressure as the prices have fallen below the first support level of $0.2473.

https://www.tradingview.com/x/hsjK32qK

Predictions for the Days Ahead

The current price trend is on the downside. If the prices breach the second support level of $0.2348, then price pullback is confirmed.

READ  Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 13

The RSI indicates that prices are facing rejection at 65. This shows that selling has overtaken buying. So, the momentum is bearish.

If we look at the Awesome Oscillator (AO), it is also giving a ‘sell’ signal implying that prices are going to fall further.

The OBV and A/D indicators are falling too. This means sell-offs are continuing with no signs of an impending reversal. Thus, XLM prices will decline.

In short, all the indicators that we used to study the market momentum are pointing towards a downtrend.

If the XLM price fails to rise past the first resistance level of $0.2681 by today, then the bear run will continue. An uptrend can be expected only if XLM prices breach the below FIB retracement levels:-

  • 23.6% FIB retracement level – $0.2687
  • 38.2% FIB retracement level – $0.2718
  • 61.2% FIB retracement level – $0.2767
READ  USDC Stablecoin Now Available on the Stellar Network

As of 27th January, late trading, the prices are not falling below the $0.24 mark. The AO indicator has started giving out ‘buy’ signals. This can be a positive sign for a trend reversal. However, if the prices fall below $0.2381 (23.6% FIB retracement level), and further fall to $0.2351 (38.2% FIB retracement level), then a bear-run is confirmed.

 

#Stellar #Stellar (XLM) #XLM price analyses
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.