Stellar Records Intraday High at $0.046; Gains Short-term Support
Stellar Lumens, just like any other altcoin, has recorded a notable fall after it soared to $0.090 in the previous month. Currently, it is also recording an intraday growth as it marks a 24-hour high at $0.046747. The current trading price is well supported by the 10-day MA. As the coin gains imminent support from the short-term daily moving averages, it is seen lightening the selling pressure.
Stellar Price Analysis:
Analyzing the daily XLM/USD chart on Coinbase, we see that the coin has been only bottoming out after the 2nd trading week of the previous month. The price trend of Stellar is majorly hitting the lower Bollinger Band, and the recent opening of the 20-day Bollinger Bands is seen widening, and so we foresee volatility and it carries a high probability of rising above the Bollinger Band Basis. The apex formed can even lead the price to bottom out after it soars notably.
The XLM coin has undoubtedly gained support from the short-term moving averages, but still lacks support from the long-term daily MAs. The 50-day and 200-day Moving Average move out of the 20-day Bollinger Band range, A persistent uptrend can, however, help the coin to gain the likely supports.
The RSI of the XLM coin confirms this moderate bearish crossover as it is seen rising from the oversold region due to intraday growth.