A look at the Weekly chart for XLM shows that the price is currently trading between the resistance and support areas at $0.16 and $0.06 respectively.
While the price has found support above the 200-period moving average, it is trading below the 21 and 50-period ones which have made a bearish cross.
The price is facing close resistance from the 21-period MA. The price is also trading below the negative Ichimoku cloud.
It has made four bullish weekly candles in a row; however, this weeks candle is a doji and a possible inverted hammer, indicating that a reversal might be in play.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
The RSI is at 43, indicating neither overbought nor oversold conditions.
A look at the 3-day chart shows that the price increase was preceded by bullish divergence in both the RSI and the MACD, the latter of which is moving up with strength but is not positive yet.
The price is currently trading above the 21-period moving average, but below the 50 and 200-period ones.
It is facing close resistance from the 50-period MA.
A look at the Daily chart gives us our first trading structure. We can see that the price is following an ascending support line for the past 47 days.
Furthermore, it has recently broken out of the negative Ichimoku Cloud.
Furthermore, the 21 and 50-period moving averages have made a bullish cross and are offering close support to the price.
The MACD is into positive territory and moving upward.
However, it looks like it has lost its strength and may be getting ready for a bearish cross.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price has been making higher highs combined with a significant bearish divergence in the RSI and the MACD.
Furthermore, the MACD has made a bearish cross and is falling. The support line is currently at $0.09.
I believe that during this week the price will fall down to the ascending support line near $0.09
- There is a medium-term bullish divergence.
- The price has been following an ascending support line for the past 47 days.
- The price has is making significant short-term bearish divergence.
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Stellar [XLM] Price Prediction: Is This the Beginning of the Correction? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.