Stellar Price Prediction: XLM/USD struggles to stay above $0.9000, more losses ahead
|- Stellar's XLM retreated from the strong recovery triggered by Samsung news.
- A sustainable move below $0.0900 will bring more sellers to the market.
Stellar's XLM attempted a rally on Wednesday following the news that Stellar blockchain has been integrated into Samsung Blockchain Keystore. The integration may become a trigger for Stellar adoption both by cryptocurrency users and developers as it allows users to safely store their private keys on Samsung Galaxy Smartphones. XLM/USD hit $0.0980, but failed to hold the ground and dropped to $0.0902 by press time. The coin is moving in sync with the cryptocurrency market gripped by bearish sentiments.
Stellar's XLM is the 14th largest digital asset with the current market capitalization of $1.84 billion and an average daily trading volume of $442 million. The coin has stayed mostly unchanged on a day-to-day basis and lost over 4.5% since the beginning of Thursday.
XLM/USD: Technical picture
XLM/USD hit the intraday low of $0.0885 and rebounded above $0.0900 from the support created by the lower line of the 1-hour Bollinger Band. Now the price is hovering around the local resistance created by 1-hour SMA200 and 4-hour SMA50. Once it is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA50 and SMA100 on approach to $0.0925. A move above this area will help to mitigate the initial bearish pressure and allow for an extended recovery towards the upper line of the 1-hour Bollinger Band at $0.0978 followed by the above-mentioned Wednesday's high.
XLM/USD 1-hour chart
The RSI on a daily shows signs of reversal, but the momentum is still weak. If the price fails to settle above the local resistance, the bears will return to the market and push it back below $0.0900. The next support is created by the lower line of the 4-hour Bollinger Band at $0.0865. A move below this barrier will push the price outside the recent consolidation range and bring 4-hour SMA100 at $0.0790 into focus.
XLM/USD 4-hour chart
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