Stellar Trades with an Extended Downtrend Despite Intraday Spike

Stellar is seen trading with a bearish crossover with the fact that most of the altcoins were seen drawing a losing track against the US Dollar. It was after the 2nd week of November 2020 when XLM price had hit a YTD high at $0.234 in the last week. Thereafter, the coin’s price was seen gradually declining trend with bearish candlesticks formed and the lowest hit at $0.109.

In the last week and month of the bygone year 2020, XLM tested almost 30-day support at $0.109, but on the first day of the year 2021, it is seen strengthening by over 20%, but the sluggish momentum coexists until the coin crosses above $0.15.

Stellar has been for long trading amidst the top 15 cryptos of the market, and with a sluggish trend, it is still maintaining its stance amidst the top 15 cryptos of the market, and on the other hand, as per Stellar Lumens price prediction, it is also seen regaining the lost momentum but lacks steady traction.

Stellar Price Analysis

Today, at the press time, Stellar price was seen trading with a gap up from the 30-day support of $0.109 to currently trading above $0.130. With a bearish stance until the current strengthening above $0.130, the price trend was clearly inclined towards the lower BB and is, therefore, lacks support from MA50 & MA200 on the above 4-hourly chart at $0.142 and $0.165, respectively.

Although XLM has strengthened from the recent lows, a bullish crossover is likely to happen only after the coin trades above $0.150. The bearishness takes over as the coin draws two downtrends in around 30 days, starting from the end of November 2020. MACD marks a slight bullish divergence, but the bearishness coexists with the fact that the downtrend is extended on the first day of the year 2021. The RSI of Stellar is lying at 46.58 and holds a strong inclination towards the oversold region.