Stellar Price Analysis: XLM Finds November High and Falls – Where To Next?
February 13th, 2020
Stellar saw a 4% price hike today as the cryptocurrency reached $0.80. It has climbed even higher than this but met resistance at a bearish .382 Fib Retracement which caused it to roll over and fall lower.
The cryptocurrency has now seen a 61% price explosion over the past 30-days as it currently sits in the 13th ranked position with a total market cap value of $1.60 billion. The cryptocurrency is still a steep 90% lower from its previous all-time high price.
Stellar Price Analysis
XLM/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see that Stellar began the year at a price of around $0.042 as it started to climb. From low to high in 2020, Stellar has seen a fantastic performance as it surged by a total of 105%.
We can see that, in today’s trading session, XLM had pushed higher, however, it met resistance at a long term bearish .382 Fib Retracement level at $0.088 which caused the cryptocurrency to roll over and fall back beneath $0.80.
Short term prediction: NEUTRAL but turning bullish
XLM is still trading within a neutral condition, however, if it manages to break the resistance at $).0832 and close above here the market could possibly turn bullish. XLM must now fall beneath $0.060 (100-days EMA) before turning bearish again.
If the bulls break back above $0.083 and manage to crack the resistance at the bearish .382 Fib Retracement, higher resistance lies at $0.090. Above this, additional resistance is found at $0.098 (1.272 Fib Extension), $0.10 (bearish .5 Fib Retracement), and $0.109 (1.618 Fib Extension).
Alternatively, if the sellers push beneath the $0.078 support, additional support is found at $0.075, $0.072, and $0.070 (short term .382 Fib Retracement). Beneath this, extra support is found at $0.065 (.5 Fib Retracement) and $0.06 (100-days EMA).
Support: $0.078, $0.075, $0.073, $0.070, $0.065, $0.060
Resistance: $0.083, $0.088, $0.090, $).098, $0.102, $0.109, $0.117, $0.120.