- Stellar Lumens price once again failed to break above the 32 cents level. The price has been stuck to this level for more than a week and continues to consolidate. Over the past few days, XLM has been hovering between 32 cents and 28 cents.
Stellar Lumens price once again failed to break above the 32 cents level. The price has been stuck to this level for more than a week and continues to consolidate. Over the past few days, XLM has been hovering between 32 cents and 28 cents.
The cryptocurrency market has been seeing a bullish sensation for the past 24 hours as most cryptocurrencies have seen record price increases. Bitcoin, the king of cryptocurrencies, climbed above the $ 37,000 level, recording an increase of 4.32 percent. Ethereum, on the other hand, increased by 16.23 percent over the period.
Stellar Lumens price analysis
Stellar Lumens price had a strong start to 2021 as it quickly found bullish support. The bullish rally caused XLM to move from $ 0.12750 to over $ 0.4000 before it stopped. As bearish pressure increased, the bullish momentum subsided, and Stellar Lumens saw a retracement to the $ 0.20800 level before the price stabilized.
XLM is seeing little momentum on both sides as price volatility has remained low while the price has since recovered. Declining trade volume makes it difficult for XLM to make a clear exit in both directions.
What do technical indicators say?
According to the technical indicators, the MACD is showing a low upward momentum but there is a bearish trend as both EMAs are starting to converge.
The RSI has remained neutral for the past ten days as the price volatility continued to decline over the period. Currently the indicator is at 56.91 and turning to 50.
Bollinger bands approached a low volatility contraction in the short term. The indicator shows that the market is seeing little momentum on either side, with the price continuing to consolidate around $ 0.3000. The tightening suggests that XLM volatility may rise, but the bands are not showing any expansion yet. This implies that there may be further consolidation before a breakout.
The four-hour technical analysis shows a buy signal with 17 of the 28 main indicators broadcasting buy signals throughout the time frame. On the other hand, only three indicators show a bearish trend, while the remaining eight indicators remain neutral.
24-hour technical analysis gives a strong buy signal as none of the technical indicators are giving a sell signal. The analysis shows that 18 indicators signal to buy, while ten indicators remain neutral and do not focus on either side.