Stellar (XLM.X) is trading at $0.26, up 1.96% from yesterday. XLM/USD is retracing after a recent bull run, upon which the cryptocurrency appreciated 25%. This small near-term correction can be viewed a “jump-in” incentive for bull traders.
XLM is the sixth largest cryptocurrency when it comes to market capitalization. Its price appreciation and the partnership with IBM are positive signals to investors. Also, XLM will be listed on Coinbase, which gives the cryptocurrency a significant boost.
There are some notable developments on the marketing side for Stellar Lumens. A cryptocurrency wallet provider Blockchain is putting together a crypto giveaway: the company intends to distribute $125 million in Stellar Lumens (XLM) to Blockchain wallet users who sign up for the airdrop. The first batch of coins will be distributed this week, but the amount of XLM at each airdrop is not known at this point in time. The airdrop program is aimed at attracting new customers.
What is the near-term price forecast for Stellar Lumens? Here are the major technical indicators:
- MACD of Stellar Lumens is currently in the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is below 50, but still in the neutral zone. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.23;
- A new major resistance level is forming at $0.29.
STELLAR (XLM) Daily Price Forecast – January 22
XLM/USD Medium-term Trend: Ranging
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM is still in consolidation in its medium-term outlook. The strong bearish pressure that dominated the range from 19th January after the formation of the large bearish candle was sustained.
$0.1033 of the lower demand area of the range was broken twice yesterday as XLM dropped to $0.1025 in the demand area before the end of the session.
Today’s opening candle at $0.1027 sustained the bearish momentum as new low was attained at $0.09963 as the exhaustion set in and the bulls returned and pushed the coin back up into the range at $0.1044 in the supply area.
The cryptocurrency is in a range-bound market and trading between $0.1147 in the upper supply area and at $0.1033 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.
XLM/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. After dropping the coin at the lower line of the descending channel the bears lost momentum as the bulls returned.
The formation of a bullish long-tailed candle at $0.09963 signal the bulls returned while the break at the 10-EMA confirmed the bulls takeover.
XLMUSD has risen to $0.1045 in the supply area with a target at $0.1090 in the supply area in the short-term.
Source: Bitcoin Exchange Guide
STELLAR (XLM): Price Predictions, Jan 19
Stellar Lumens [XLM] Price Analysis:
A look at the 12-hour chart for XLM shows that price is trading at $0.1 and moving in a symmetrical triangle.
Price is facing resistance from the 7, 21, 50 and 200 period moving resistance.
An interesting period to keep an eye on where price could break out is the 20-24 January date, which marks the end of the triangle and a positive Ichimoku Cloud projection.
XLM Price Prediction:
There are some areas of the Ichimoku Cloud which are positive and I believe that price could break the resistance line and move to the next resistance area at $0.14
Stellar Price Analysis: XLM/USD moving within a bearish pennant structure
- Grayscale, a digital asset management company, announced an introduction of XLM-based investment trust.
- XLM/USD price action is moving within a bearish pennant pattern, subject to a potential breakout south.
The Stellar Lumens price is seen nursing losses of around 2% on Friday, inline with a soft cryptocurrency market seen across the board. XLM/USD has been a victim of extremely narrow trading for the past eight sessions.
In terms of news flow, a digital asset management organization, known as Grayscale, announced an introduction of XLM-based investment trust. They stated, “We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources. Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”
XLM/USD is moving within a bearish pennant pattern structure, which is subject to a potential breakout to the downside. Currently the price is hugging the lower supporting trend line, tracking at $0.1040-50 area. A breach would invite another wave of selling pressure. To the upside, the above trend line can be observed at $0.1275.
XLM/USD daily chart