Stellar (XLM) Could Grow Dim This Week, But Buyers Don’t Need To Back Down
October 26 2022 - 11:05AM
NEWSBTC
Stellar (XLM), the 27th ranked cryptocurrency in terms of market
capitalization, managed to pump its spot trading price by 2.1% over
the last 24 hours. At press time, according to tracking from
Coingecko, the asset is changing hands at $0.112 and has been down
by 3.3% and 4.4% on is biweekly and monthly charts, respectively.
Here’s a quick look at XLM’s performance: Stellar has once again
fallen into a bearish price pattern XLM needs to sustain and
surpass its current trading price of $0.112 to break from its
downward trend Stellar forecasted to drop to $0.085 over the next
30 days The altcoin suffered when it failed to move past the $0.13
resistance marker and fell into a pattern that indicates further
downward trend. XLM’s technical indicators and analysis hint at a
continued exposure to negative factors that will prevent it from
climbing to higher levels over the next few days. Related Reading:
Why These Major Crypto Wallets Acquired Over 100 Million XRP In
Last 24 Hours Repetitive Rejection On Crucial Levels Cripples
Stellar Since the middle part of June, the altcoin was trading at a
narrow range of $0.10 and $0.13. XLM tried to test and surpass the
aforementioned resistance level but was unsuccessful. Source:
TradingView Not only that, it also failed to sustain the crucial
support marker of $0.125. As a result, in just two days, the asset
declined by 12%. That, however, was erased by its recent price
pump. Stellar’s Relative Strength Index (RSI) is below the
50-neutral zone but it hasn’t reached the point of being
overbrought or oversold. While buyers might seem to be discouraged
by these bearish signals, there is a possibility that the downtrend
thesis will be invalidated. This will happen if XLM manages to
surpass the $0.112 range. Failure to do so, however, might result
to a steep fall all the way down to $0.101. XLM Price Forecast
According to Coincodex, Stellar has 17 technical indicators that
are sending bearish signals while 15 were leaning towards bullish
signs. With this, the crypto is forecasted to slightly increase its
trading price to $0.113 over the next five days. The next 30 days,
however, will be painful for holders as the altcoin is seen to
plummet all the way down to $0.085. There is also significant level
of fear towards the asset as it scored 33 on the Fear and Greed
Index. XLM is also facing a high yearly inflation rate of 5.44%. It
has been trading below the 200-day simple moving average and has
not shown any signs of performing better anytime soon. Still, just
like with any other cryptocurrency, it is not immune to the
volatility of the crypto space so its price can also go high as
fast as it goes down, and vice versa. Related Reading: Why These
Major Crypto Wallets Acquired Over 100 Million XRP In Last 24 Hours
XLM total market cap at $2.8 billion on the daily chart | Featured
image from National Review, Chart: TradingView.com Disclaimer: The
analysis is based on the author's personal knowledge and should not
be construed as investment advice.
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