Stellar price analysis shows slightly bullish signs today, as price continues to form a recovery along with a steadily recovering cryptocurrency market. XLM price recovered more than 2 percent over the past 24 hours, ending a spell that constituted a 41 percent downfall over 6 days. Price moved as low as $0.1067, the lowest point in over 13 months on May 12, 2022. Since then, a steady ascent is forming, pushing price towards the demand zone at $0.1516. If buyers are successful in this push, XLM price can post a bullish case for a further 15 percent recovery back to $0.171.
The larger cryptocurrency market showed minor recoveries during the day’s trade, as major cryptocurrencies including Bitcoin bounced back. BTC rose back above $30,000, aiming to make further strides upwards, while Ethereum continued to oscillate near the $2,000 mark. Ripple and Cardano sustained minor dips to move to $0.42 and $0.53, respectively, while Dogecoin dropped down to $0.089. Solana rose more than 3 percent to move up to $52.04, whereas Polkadot posted the highest uptrend in the market with an 8 percent rise to move up to $11.50.
Stellar price analysis: Bulls aiming for $0.20 mark with further consolidation over 24 hours
The 24-hour candlestick chart for Stellar price analysis shows price embarking on an uptrend pushed by today’s upward price action. XLM price is set to reach the $0.15 mark where bulls will hope to make a further push towards the March 2022 high of $0.20007. Further movement upwards may meet resistance at $0.255 which is the February 2022 high and traders will be expected to reap out profits at this point.
Major technical indicators show favourable reading in regards to Stellar’s push upwards, as the 24-hour relative strength index (RSI) shows increasing market valuation at 36.22. Trading volume over the past 24 hours also dropped over 13 percent, indicating a holding trend within the market at current trend. The crucial 50-day exponential moving average (EMA) at $0.142 is set as the immediate price target, and more market activity is expected once this barrier is met. The moving average convergence divergence (MACD) curve also provides positive evidence in this scenario as it attempts to form a bullish divergence over the next 48 hours.
While doors to the December 2021 high of $0.302 remain open for Stellar, a defence of the support level is also crucial. Once price moves past the $0.6 resistance, a fall back may also occur as traders reap profits, setting support around $0.41.
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