Analysis: Its ​Do or Die for Stellar (XLM) Bulls Now

stellar, stellar price, xlm price, xlm news

Stellar (XLM) has plunged 3.68 percent against the US dollar in the previous 24 hours, according to CoinStats’s cryptocurrency tracker.

The XLM/USD instrument on Monday settled an intraday low of $0.105 while continuing one of its most extended downtrend cycles. The move brought the pair about 15 percent down on a weekly timeframe. Meanwhile, the XLM’s market capitalization dropped to $2.11 billion. At its highest, the valuation was $13.57 billion.

stellar, xlm, cryptocurrency
Stellar (XLM) Price has Dropped by More than 15 Percent in a Week | Source: CoinStats’ Cryptocurrency Portfolio Management App

As an altcoin, Stellar experienced lesser activity across the cryptocurrency exchanges than its peers. In the last 24 hours, the XLM-enabled pairs reported trading volume worth $409 million. At the same time, the “Real 10 Volume” indicated that the actual statistic to be around $18.45 million only.

Opportunities in the Stellar Market

Stellar (XLM) Price Trending Inside a Giant Falling Wedge | Source: Binance

The Stellar-to-Bitcoin price has been lately trending inside a giant Falling Wedge, confirmed by a minimum of two reaction highs and lows on each side.

One could first expect the price to jump between the range defined by the Wedge. As the area contracts, the price volume would see a dip. Most probably, there would be a breakout to the upside after Stellar hits the apex of the Wedge, confirmed by a sudden spike in volume. That is the only bullish opportunity one can view in the current Stellar market scenario.

On the first sign of a breakout, traders could look to enter a Long position towards 1246 sats. An extended buying action could take the XLM price further to 1628 sats.

Conversely, a break below the Wedge eyes 732 sats as the next downside target. That’s an all-time low of Stellar on Binance.

What do you think where the XLM price is heading? Tell us in the comment box below.

Leave a Reply

Your email address will not be published. Required fields are marked *