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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Will BTC reach $100K this week?
Bitcoin edges higher and trades at around $91,600 at the time of writing on Tuesday while consolidating between $87,000 and $93,000 after reaching a new all-time high (ATH) of $93,265 last week. Ki Young Ju, founder and CEO of CryptoQuant, says Bitcoin euphoria is here and shorting now could be either catching the top — or shorting at the bottom of a parabolic bull run.
Solana bulls target new all-time highs
Solana (SOL) extends its bullish momentum and trades in green at around $242.80 at the time of writing on Tuesday after rallying more than 45% in the last two weeks. On-chain data hints at further gains as SOL’s Open Interest, trading volume, and fees reach new record highs.
SEC case against Kraken gains momentum as judge dismisses appeal
A federal judge in California has rejected Kraken's request to appeal a ruling allowing the Securities and Exchange Commission (SEC) lawsuit against the cryptocurrency exchange to move forward. On Monday, judge William Orrick ruled that permitting an interlocutory appeal now would only postpone the case's resolution.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.