A look at the Weekly chart for XLM in logarithmic form shows that price is trading at $0.084, very close to the support area at $0.06-$0.07.
Price is trading below the 7,21,50 period moving averages and the Ichimoku Cloud.
Price found support at the 200-period MA and even though it is currently slightly below it, we need to wait for a weekly close below the 200-period MA in order to be certain.
The RSI is at 36 and while the MACD is falling, it seems to be losing power and getting ready to make a bullish cross.
A look at the 3-day chart shows that price is trading below all the moving averages and the Ichimoku Cloud.
Furthermore, the MACD has lost its power and is getting ready to do a bearish cross.
However, there is some bullish divergence developing in the RSI.
A look at the Daily chart solidifies the findings of the 3-day one.
Price is trading below all the moving averages, and the 7-period MA is falling very sharply.
However, the price has developed a more pronounced bullish divergence with the RSI.
Short-Term Outlook and Price Prediction
A look at the 12-hour chart gives more information about price movements during the past two months.
After breaking out of the descending wedge, price failed to break the 0.618 fib level, creating the resistance area at $0.14 and gradually has fallen below the lowest point of the wedge, all the way to $0.084.
There is a small amount of bullish divergence developing in the RSI.
An interesting resistance line to keep an eye on is the dashed red line, a breakout from which could indicate a short-term uptrend.
I believe that price will keep falling to the $0.06-$0.07 support area before deciding on another upward/downward move.
- Price is close to the support area at $0.06-$0.07.
- There is medium-term bullish divergence.
- In the short-term price is falling without a trading structure.
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Stellar [XLM] Price Prediction: Approaching the Support Area, When Will the Bull Run Start? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.