Stellar Price Analysis
Stellar has seen a small price decline totalling -1.19% over the past 24 hours of trading, bringing the current trading price down to around $0.1092, at the time of writing. The cryptocurrency has seen a -2.11% price decline over the past 7 trading days and a further -11% over the past 30 trading days.
Where is Stellar currently ranked?
Stellar is now ranked in 6th position as it holds a $2.06 billion market cap valuation. The cryptocurrency has seen a precipitous -55% price decline over the past 90 trading days as the 53 month old project now trades at a value that is -87% lower than the all time high price.
- Support moving forward – $0.1036, $0.1000, $0.0986, $0.090477, $0.09329, $0.08715.
- Resistance moving forward – $0.1121, $0.1180, $0.1239, $0.1398, $0.1465, $0.1568.
XLM/USD – SHORT TERM – DAILY CHART
What’s been going on?
We can see that, since our last XLM analysis, Stellar had remained above the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.01121 for the rest of 2018.
As 2019 began to trade the market had made a small move higher but was unable to overcome the $0.13 handle and subsequently plummeted on January 10 2019.
Where are we now?
The market had fallen into support at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.1036. From here, XLM/USD rebounded but was unable to overcome the resistance at $0.1121.
What is the current trend?
The market trend is currently natural as price action is trapped within a range between $0.1121 and $0.1036. However, if price action does break below this established trend, we can consider the trend to then be bearish.
Where can we go from here?
If the bulls manage to push price action above the range at $0.1121 they will immediately meet resistance at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.1180 and $0.1239, respectively.
IF the buyers can then continue to climb higher above the $0.13 handle we can expect further higher resistance to then be located at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.1398 closely followed by more resistance at the short term 1.618 Fibonacci Extension level (drawn in blue) priced at $0.1465.
If the bullish pressure continues to drive price action above the $0.15 handle, we can expect further higher resistance to then be located at the short term 1.272 and 1.414 Fibonacci Extension level (drawn in purple) priced at $0.1568 and $0.1639, respectively.
What if the bears take control?
Alternatively, if the bears take control of the market and push price action lower, we can expect immediate support below to be located at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.1036, the lower boundary of the trading range.
If the sellers push XLM/USD underneath the trading range then we can expect more support below to be located at the short term downside 1.272 FIbonacci Extension level (drawn in orange) priced at $0.1000 closely followed by the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.09866.
What are the technical indicators showing?
The RSI is very close to the 50 handle indicating the indecision within the market, evidenced by the current trading range. If the RSI can break above the 50 handle, we can expect XLM/USD to travel further higher.