Stellar (XLM), The 27ThIt is ranked number one cryptocurrency for market capitalization and has managed to boost its spot trading prices by 2.1% during the last 24 hours.
According to tracking, at press time CoingeckoThe asset has changed hands at $0.112; it is down 3.3% and 4.4% respectively on the biweekly charts and monthly charts.
Here’s a quick look at XLM’s performance:
- Stellar is once more in a bearish pattern
- To reverse its declining trend, XLM has to maintain or exceed the current trading price at $0.112
- Stellar expected to fall to $0.085 in the next 30 Days
Altcoin was hit hard by the $0.13 resistance mark and fell further into a downward trend.
XLM’s technical indicators and analysis hint at a continued exposure to negative factors that will prevent it from climbing to higher levels over the next few days.
Repetitive Rejection On Crucial Levels Cripples Stellar
The altcoin has been around since the middle of June TradeIt was within a very narrow range between $0.10 and $0.13. XLM attempted to surpass this resistance level, but it was not successful.
It also lost the critical support mark of $0.125. The asset fell by 12 percent in just 2 days. However, this was erased due to the recent price pump.
Stellar’s Relative Strength Index (RSI) is below the 50-neutral zone but it hasn’t reached the point of being overbrought or oversold.
These bearish signals might appear to dissuade buyers but it’s possible that the downtrend thesis may be invalidated.
If XLM surpasses the $0.112 level, this will occur. However, if XLM fails to achieve this goal, it could lead to a sharp fall to $0.101.
Forecast Price for XLM
According to CoincodexStellar’s 17 technical indicators are sending bearish signals, while the other 15 lean toward bullish signs.
This will cause the cryptocurrency to trade at $0.113 per day for the next five trading days. Holders will feel the pain in the next 30 days as altcoin prices plummet to $0.085.
It scored 33 on Fear and Greed Index, which indicates that there is a lot of fear about the asset. XLM also faces a very high annual inflation rate at 5.44%.
It traded below the 200 day simple moving average for over a month and shows no sign of getting better any time soon.
It is still susceptible to volatility, as with all other crypto currencies, so it can be as volatile as any other currency.
Featured image from National Review, Chart: TradingView.com| Featured image from National Review, Chart: TradingView.com Disclaimer: This analysis was based solely on the author's knowledge. It should not be taken as investment advice.