If we look at the 5-month chart of Stellar, the current price trend is forming a similar price dip to that of in January this year. The price plunge of January seemed like an apt buying opportunity as it rose from there by clearly more than 50%.
If we consider the current price plunge as a buy phase, the target price can stand at the 38.20% Fib level which is a bit above $0.069. Investors need to put stop-loss at $0.045 for XLM coin if they are looking for a buying opportunity at the moment.
Meanwhile, the Stellar price is calling for a strong support level as it is steadily heading downwards since mid-Feb. The coin is currently below the 61.80% Fib level and it seems to be trading with a negative bias after the price slipped below the 200-day EMA.
On the other hand, Stellar depicts a bullish price path in its 1-day chart. After yesterday’s price drop, the coin has started to rebound and today, the uptrend seems to be strengthing further. The coin has formed higher highs while tracing a rising flag recently.
Moreover, the price is aiming 100% Fib level with a noticeable bullish bias right now. Also, XLM seems to have a reliable support level near the 0% Fib level i.e. $0.055.
Bollinger bands are set to see a volatile spell though hopefully with a bullish impact. MACD chart is also in the positive zone with its MACD line on the upside. Here, it is to be seen how long Stellar can manage to sustain the upward price movements as Bitcoin is also taking higher strides while taking the crypto market up.
