A look at the Weekly chart for XLM in logarithmic form shows that price is trading above the major support area is $0.06-$0.07, currently trading at $0.086.
Furthermore, the price is facing very close resistance from the 200-period moving average and trading below the 21 and 50 MAs and the Ichimoku Cloud.
The previous week’s candle was an inverted hammer (reversal) while this week we have not had a lot of movement.
The closest resistance area is found near $0.15, corresponding with the 21-period MA.
As for the indicators, there is a slight bullish divergence in the RSI, and the MACD is very close to making a bullish cross.
Given this information, I am bullish in the long-term.
A look at the 3-day chart shows that price dropped after reaching the resistance offered by the 21-period MA.
Similar to the weekly chart, the price is trading below all the moving averages.
After forming a doji, the price made a bearish candle.
As for the indicators, there is an even more pronounced bullish divergence in both the RSI and the MACD, the latter of which has made a bullish cross and moving upward.
A look at the Daily chart gives us a structure in which price is trading in.
After bottoming at $0.072, the price has been following an ascending support line for the past 23 days.
The first minor support area is found near $0.078 corresponding with the 0.5 fib line of the entire drop.
Price is above the 21-period MA and below the 50-period MA, both of which seem to be getting ready to make a bullish cross.
However, the MACD has failed to break into positive territory and has lost almost all of its strength.
Given this information, I am bullish in the medium-term.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that after the drop, the price has failed to break out above the 0.382 fib line, corresponding with the 21-period MA.
The 21 and 50-period MAs have made a bearish cross and the former is giving very close resistance to price.
However, the price bounced perfectly on the ascending support line.
Finally, the MACD is in the process of making a bullish cross.
I believe that in the short-term price will head towards the fib-line resistances near $0.092, possibly heading for the top at $0.098.
- There is a medium-term bullish divergence.
- Price is trading below most moving averages.
- Price is following an ascending support line.
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Stellar Price Prediction: XLM Has Bounced on the Support Line, Where Is It Heading Now? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.