Rajarshi Mitra
Independent Analyst
- Stellar is consolidating between 50-bar SMA and 100-bar SMA in the 3-day chart.
- A break above this channel could see XLM reach $0.12.
Stellar jumped up from $0.067 to $0.085 between September 23 to October 22. Upon running out of bullish momentum, the price proceeded to drop to $0.075. To gauge the future price action of XLM/USD, let’s check out the 3-day price chart.
Stellar in prime position to explode?
The cross-borer remittance token is consolidating within a narrow trading range. This area is defined by the 100-bar SMA ($0.084) support and the 50-bar SMA ($0.072) resistance level. A 3-day candlestick below or above this area will determine where XLM is headed next.
-637401336635690562.png)
XLM/USD 3-day chart
Based on the Fibonacci retracement indicator, slicing through the 50-bar SMA might see Lumens rise to $0.24. If the buyers retain control, they should be able to take the price up to $0.12. The last time XLM was priced at around $0.12 was back on June 27, 2019.
-637401337013381598.png)
XLM/USD 3-day chart
On the flip side, if XLM drops below the 100-bar SMA, it could see prices drop to as low as $0.062. A further break could be even more catastrophic as it could see Lumens fall to $0.046. The last time XLM was trading this low was back on April 6, 2020.
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