XLM Traders May Want to Retest Key Resistance Level Once More
2022.04.30 15:01
XLM Traders May Want to Retest Key Resistance Level Once More
- XLM has seen a price drop of around 2.79% in the last 24 hours – taking the price down to $0.1793.
- The current market cap of XLM is $4,445,557,554.
- Technical indicators do not confirm a clear directional movement for XLM’s price.
Stellar (XLM), similar to the rest of the top 50 cryptos by market cap, has experienced a price dip in the last 24 hours according to CoinMarketCap.
Ranked number 30 on CoinMarketCap’s list of the biggest crypto market caps, XLM has seen a price drop of around 2.79% in the last 24 hours – taking the price down to $0.1793. The current market cap of XLM is $4,445,557,554, positioning the coin between FTX Token (FTT) with a market cap of $5,321,547,602 and Algorand (ALGO) with a market cap of $4,268,204,461.
Outlook on XLM not clearly indicated yet (Source: TradingView)
When looking at the daily trading chart of XLM/USD, the daily trading volume has remained constant, with the majority of the trading volume being selling volume starting from the middle of this month. There is also a resistance level of $0.2 as the price of XLM has tested it several times. The price may test this support level again in the next week.
Given that the 15 EMA and 50 EMA have not formed a clear break away and given their almost parallel gradients when compared to each other, it’s fair to say that there has been no clear decision of whether the outlook for the coin is bullish or bearish.
At this point, it does look like the bears have the upper hand as the selling pressure is slightly stronger than the buying pressure. However, the speed of the downwards price movement seems to be decreasing as the histogram for MACD also indicates a bit of decisiveness.
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