Stellar News

Is Stellar’s Consolidation Taking a Downside Turn?

Steller had come up with an exceptional escalation in its price around 5 days ago. The currency has been holding a stable approach since the last couple of days. Notably, the consolidation of XLM/USD took place exactly after it saw a price rise of 13.80%. 

Stellar Price Analysis

Since May 12, the market seems to be soaring up with a positive bias. However, today, most of the cryptocurrencies have felt a few downside corrections. XLM, too has gone through a few plunges since yesterday as it looks for stability. 

Stellar price had reached about $0.070 on May 13. The bullish momentum saw a breakout there before it pulled back to $0.068 with a mild bearish bias. The XLM coin quickly found a support level there and started to recover to a certain extent. 

The currency has not traced any full recovery as yet as it keeps facing rejection at the 0% fib level. After an initial rebounding spike, the XLM price kept ranging between the 23.60% & 0% fib level without any major outbreak. 

The price of Stellar Lumens has noted a minimal change in its outlook yesterday at 17:30 UTC as it has been approaching the downside since then. XLM has traced its first dip below $0.068 after May 12 and is now rebounding from there. Here, at $0.067, the coin has formed a support level.

The technical indicators are bullish at present. The price of XLM coin has just shifted above the 200-day EMA line, and the MACD indicator is exploring the positive side too.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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