The Stellar price analysis portrays a bearish movement for today. The price action started the day at $0.3833, the lowest being at $0.379 and the highest at $0.3951. The XLM/USDT pair experiences a resistance at $0.3954 on the daily chart, which currently holds.
The nearest support remains at $0.3630, and the price action continues to progress above this level. The data from CoinmarketCap shows that the token’s trading volume declined by 40.80% in the last 24-hours, currently at 996 million USD.
The market position of the coin is at #22, while the market capitalization stands at 9.1 billion USD.
Stellar price action for the recent period
For the month of October, the monthly candle for Stellar is up nearly 38%, while the weekly candle shows a 15.8% price surge in the past week. In the past 30 days, XLM reached a low of $0.2553 and a high of $0.4198.
The past 30 days price movement shows that XLM is a great investment for the short term as well as long term. However, the coin is 59.51% down from its all-time high of $0.9381.
XLM price analysis using technical indicators
The technical indicators on the daily chart show that the price of the token is bullish in the short term. The price action is above the 50-day and 100-day Moving Averages while being situated in the upper end of the Bollinger Bands.
Also, the buyers were unable to take the price action above the upper end of the Bands, and due to a failed breakout, we can witness a short bearish cool-off.
The MACD indicator is obviously bullish in the chart below, represented by the green histogram bars below followed by the movement of the MACD line (blue line) above the signal, i.e., the orange line.
Also, the RSI indicator continues to display a reading above the 60-level. This implies that the buying orders being placed are far more in numerical strength as compared to the selling orders.
Conclusion
The direct conclusion from the above analysis yields a bearish movement in the short term. The majority of investors remain bullish on Stellar as the token is one of the most affordable and promising tokens out there.
On the other hand, Bitcoin is currently less than 6% from its all-time high, and once it breaches the resistance there, we are looking at an explosive altcoin season!