As the market rises, Stellar (XLM) is attracting interest once more, boosting the prices of many altcoins. The $0.31 level has attracted a lot of traders for a month. It has consistently helped to predict what the market will do. Based on technical analysis, this price range becomes a significant support and resistance level that may change the direction of the trend. It is normal for Stellar and BCH to trade at the $0.31 support level.
At press time, Stellar (XLM) is currently at $0.2659, and its value has increased by 0.40% over the last day. The trading volume in the market has gone up by over 17%, which shows stronger activity. This boost in transactions speaks to more near-term interest. Still, the price continues to stay suppressed under the key $0.31 resistance level.
Technical Indicators Point to a Neutral to Bearish Trend
XLM’s trend is at the price $0.26676, slightly decreased by 0.28%. There is no clear direction from momentum indicators. The Relative Strength Index (RSI) is presently reading 47.77, under 50, which suggests that the price may fall, although it is not yet in oversold territory and can still go up or down.
                                       Source: Tradingview
MACD is not seeing much action, as the histogram is close to being flat and the lines are converging towards the negative zone. It is a sign that sellers are not rushing to buy yet. Analysts point out that a bullish crossing of MACD lines would be needed to confirm a possible reversal.
Key Resistance at $0.31 Shapes Trader Sentiment Amid Mixed Technical Signals
Whether the market will move up or down depends on whether XLM reaches $0.31 again or drops below $0.24. $0.26 is considered as a support level for traders, and it could lead to a price rise soon. Recovering $0.31 will invalidate recent bearish signs and might cause a move to around $0.38. When the price falls under this value, it might lead to additional losses and show that bears are on top.
There are 31.14 billion XLM coins in circulation, and their current market value is $8.28 billion, which makes Stellar notable in the altcoin market. If XLM keeps holding, focusing on higher trading volumes and new trends can guide predictions for the coin’s continuation.
Disclaimer:Â This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
