Stellar has been attempting a notable rebound since the last 24 hours though it has not been able to trade above $0.0591 as yet. The XLM coin seems to have a stiff price barrier above $0.058 as it faces rejection above it. Meanwhile, Bitcoin has managed to reclaim the price range above $7500.
Yesterday’s initial price moves of Stellar Lumens were bearish as it took a nosedive from $0.0588 to $0.0578. Seeing a support level there, the price surged above $0.586 and then pulled back to $0.579. The XLM coin again managed to trade above $0.0591 while clearing resistance at $0.058.
Here, the coin traced a head-and-shoulder pattern indicating an upcoming bearish price move. Confirming it, Stellar price again dropped sharply to $0.0575 and broke the bullish trendline. From here, the coin has managed to climb above $0.058 but is yet to note a strong price recovery. At 07:15:09 UTC, the XLM price is trading at $0.0582.
XLM/USD Price Chart:
Bollinger Bands are narrowing, indicating a lack of volatility. The MACD chart is heading towards the bullish zone with its MACD line on the upside. RSI is at 57, showing no extremities. However, the long-term SMA line is above the short-term SMA line.
Stellar is likely to see resistance levels at $0.0597, $0.0612, and $0.0620 and support levels at $0.0574, $0.0566, and $0.0551.
