Stellar price analysis has a very balanced sentiment today. However, it fell to a low of $ 0.1036 earlier in the day and has since returned to $ 0.1053.
The price of XLM / USD is up about 1%, with today’s local high currently at $ 0.1057. If we look at the market in general, bearish sentiments are still present. The cryptographic heat map shows most of the coins in red, with BTC down 0.87 percent while Ethereum is down 1.45 percent.
Stellar 24-Hour Price Movement: XLM / USD fixes local support at $ 0.1036
Earlier in the day, Stellar’s price fell to $ 0.1359. However, it quickly recovered slightly over the next hour, followed by a gradual rally to $ 0.1057 where it established a new resistance level. Stellar’s market cap is currently $ 2,661,665,394, which is a 1% increase from yesterday. In addition, the 24-hour trading volume decreased by 29.59%.
Currently, $ 0.1053 and the RSI is almost hitting 60 on the hourly chart. While Stellar isn’t extremely overbought at this point, it’s definitely moving in that direction. The histograms on the MACD are in green with increasing strength and no indication of an impending crossover. This further supports the prediction that XLM / USD may not break out of the recent resistance level at $ 0.1057.
Previously, a sharp drop was observed when the RSI hit the 60 mark based on the screenshot above. So, is Stellar gearing up to follow a similar pattern in the next few hours? Well, that’s quite likely.
4-Hour Stellar Price Analysis: XLM / USD prepares for a possible decline
The 4-hour chart paints a more positive picture for today’s Stellar price analysis. The RSI level is at 52 which is fairly balanced and a positive sign for now. Also, the MACD lines diverge outward, so a crossover isn’t immediately imminent.
It appears that the Stellar price will bounce between recent local highs and lows for a few hours before taking a more extreme move in either direction. However, the 4-hour chart also shows that it is struggling to break out of the $ 0.1057 resistance level.
Since it has already bounced off $ 0.1036, it appears that Stellar is preparing for another short-term decline. Eventually, the current tug-of-war will end and the bears will take over forever. It is also more reasonable to expect this due to the general bearish sentiment in today’s market.
Stellar Price Analysis: Conclusion
Stellar is expected to experience a brief dip in the next few hours as it is already hovering around recent resistance levels. As market sentiment is not very positive, it is not expected to overcome resistance. The RSI level of 60 on the hourly chart indicates that the market is becoming overbought. So, a small drop may just be underway.
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