XLM Technical Analysis: Likely to Fall Below the First Support Level of $0.58
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XLM Technical Analysis: Likely to Fall Below the First Support Level of $0.58

April 12, 2021      Ankita Awasthi

In new technical analysis, Stellar is an open-source protocol for digital money storage and movement. It is designed in such a way that financial networks all over the globe work together on a single platform. XLM is the governance token of this limitless and powerful blockchain ecosystem.

Past Performance

On April 5, 2021, XLM started trading at $0.44. As of April 11, 2021, the closing price of XLM was $0.58. Thus, in the past week, the XLM price has surged by approximately 32%. In the last 24 hours, XLM has traded between $0.58-$0.61.

XLM Price Analysis

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

Day-Ahead and Tomorrow

Currently, XLM is trading at $0.59. The price has increased from the opening price of $0.58. Thus, the market looks bullish.

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The MACD and signal lines are negative. However, they are expected to soon change signs as they are very close to the zero line. Moreover, a bullish crossover by the MACD line over the signal line has occurred.

The OBV indicator is falling. Thus, selling volumes are higher than buying volumes. Heavy offloading activity by whales will exert downward pressure on the XLM price. Hence, we can expect the price to go down further.

The RSI is currently at 55%. It faced rejection at 60% and fell to the current level. Selling pressures seem high. Hence, we can expect the price to drop.

XLM Technical Analysis

As per technical analysis, the price has fallen below the Fibonacci pivot point of $0.59. It is soon likely to fall below the first support level of $0.58. If the bears regain full strength, by day end, we can expect the price to fall below the subsequent support levels of $0.57 and $0.56, respectively.

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The price has tested and fallen below 23.6% FIB retracement level of $0.587. If the price further falls below the 23.6% FIB extension level of $0.573, then the downtrend is likely to continue tomorrow as well.

#Stellar (XLM) #XLM
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.