- Stellar price prediction highlights the current market crash.
- Stellar is trying to halt bleeding after bulls reverse 16 percent of the sell-off.
- If XLM closes the day above the $0.63 to $0.65 supply barrier, it will recover the losses incurred from the bearish leg.
- Failure to close above the supply barrier will result in Stellar retesting its $0.58 support level.
Like most virtual assets, the last 24-hours have not been easy for Stellar. Stellar’s price has faced a fatal decline during this time as a heavy selling spree takes over the crypto market. Despite this, the crypto coin has a chance to redeem itself and initiate a price surge if it moves past this crucial price region.
Stellar price prediction: General price overview
According to its daily charts, Stellar appears to have had a rough week. On Wednesday, the crypto coin plunged by about 20 percent to reverse an 11 percent upsurge recorded on Tuesday. At the time Wednesday’s trading session was closing, Stellar was exchanging hands at around $0.6. On looking at today’s trading session, Stellar started its early morning session on a bullish footing by recording an intraday high of about $0.74. Despite the good news, the bullish momentum was short-lived as the crypto coin started hitting the reverse gear shortly after hitting the day’s milestone.
Due to this price movement, Stellar fell below its first significant resistance barrier at $0.78 to register a late intraday low at $0.59. The downward trend did not stop there as the crypto asset proceeded with the negative trend to fall below its first primary support level and its 23 percent Fibonacci retracement level at $0.66 and $0.61, respectively. Stellar is down by 11 percent at the time of writing to exchange hands at around $0.58. Although Stellar appears to have failed to retest its major support regions and resistance barriers, it has some work to do to surge back to the areas where it was last week.
Stellar price movement in the past 24 hours
According to Stellar’s 24-hour chart, the crypto coin has been on a downward trend that threatens to push it below the $0.5 mark. Considering the ongoing indecisive state of the crypto ecosystem, it is hard to predict where the crypto coin will settle precisely. However, investors need to be on the lookout for Stellar’s price movement if it retests its resistance barrier at $0.65. If Stellar closes the day above this resistance barrier, it is likely to rebound. In such a case, traders should be on the lookout for a 5 percent down surge towards the $0.58 region. This will be due to the surge in overhead and selling pressure expected to occur.
Stellar 4-hour chart
On looking at Stellar’s Moving Average Convergence Divergence (MACD) movement on the 4-hour chart, it is clear that its bearish leg is far from over. At present, the blue MACD line is hovering way below the Signal line on the red 8-candlestick. Although the bearish trend appears to be close to an end, investors should brace themselves for further price declines.
On looking at its Relative Strength Index (RSI), Stellar currently stands at the negative region of 38. This shows the crypto coin is overly being sold at the moment, a trend that risks devaluing its value.
Suppose the bearish trend comes to a halt due to massive buying orders; an impressive 12-hour green candlestick is likely to occur. This will usher the beginning of a bullish trend that will push the coin above the upper boundary of the supply zone at $0.67.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.