Trading volume rose 28 percent over 24 hours
Tested 50-day EMA with resistance at $0.35
The Stellar price analysis for today shows that the token increased by over 6 percent during the day's trading to surpass its 50-day Exponential Moving Average. Stellar was trading as low as $0.296, and it was predicted that the price would fall further to $0.273. The token managed to regain the bullish momentum it had gained in September and moved as high as $0.345. The token also saw an increase in trading volume of XLM by more than 6 percent, confirming buyers' interest.
XLM/USD 24-hour chart - Bullish pattern confirmed by strong RSI
After yesterday's fall, the 24-hour chart of XLM shows green candles as a bullish sign. Bullish Hammer patterns saw price drop to $0.298, then rebound past the $0.30 pivot to reach resistance at $0.35. On today's price movement, it can be seen that the price has crossed the 50-day EMA. The Relative Strength Index value (RSI) of 59 confirms the token’s bullish consolidation. The price is currently at the top Bollinger Bands curve, which presents a bullish scenario for XLM.
XLM/USD 4-hour Chart: Price is looking to test $0.35 resistance once it has cleared EMAs
The 4-hour chart shows that price will likely push towards $0.35 resistance in the coming trading sessions. The RSI value 72 is the only problem indicator, suggesting that the token is highly overvalued. The Moving Average Convergence Divergence is (MACD), seen moving above the neutral zone and reaching 0.008, which indicates bullish momentum in the market. XLM will be looking to consolidate and push towards $0.35 in the 4-hour chart with minor corrections occurring at intervals.
Stellar price analysis: Conclusion
Stellar's positive day saw a 6 percent increase in value. The token appears to be consolidating on the day's movements. The price is likely to rise as high as $0.35 before any retracement can occur. The 24-hour chart has a strong RSI value. This will keep the price high and provide a barrier to any selling activity. Current support is $0.274, and any price movement below $0.29 could negate the bullish thesis.
Disclaimer. Disclaimer. The information is not intended to be used as trading advice. Cryptopolitan.com is not responsible for any investment made on the basis of this information. Before making any investment decision, we strongly recommend that you do your own research and/or consult with a qualified professional.Updated Date: 06 October 2021, 21:16