Connect with us
Active Currencies 14430
Market Cap $2,648,541,958,627.90
Bitcoin Share 50.16%
24h Market Cap Change $-2.93

XLM: A solid rebound at the range-low remains elusive

2min Read

XLM has been defending the range-low for a while, but a solid recovery towards the mid-range remains elusive.

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XLM struggled to reclaim $0.12 in the past two weeks.
  • The long-term price trend was still negative at press time. 

 Stellar [XLM] was still suppressed by September losses at press time. Despite Bitcoin’s [BTC] reclaim of 28k at the time of writing, XLM was yet to register a solid recovery to claw back recent losses.  


Is your portfolio green? Check out the XLM Profit Calculator 


Even the recently launched Euro stablecoin on the network didn’t catalyze a solid rebound to the upside. Given XLM’s suppressed performance, what’s the possible price projection in the short term?

Let’s evaluate the 4-hour chart for some cues. 

Two more obstacles to the mid-range

Stellar

Source: XLM/USDT on TradingView

Previous price retests at the range-low ($0.112) in August and early September led to a strong recovery, with the mid-range ($0.122) as the immediate target. 

A repeat of the same remained elusive in late September and early October. With a weekly bullish order block (OB) of $0.0949 – $0.1094 (cyan) slightly below the range-low, the area could still hold against an extra plunge. 

But bulls must clear two obstacles at $0.1151 and $0.1195 to retest the mid-range of $0.122. 

The sluggish performance could’ve been partly fueled by negative capital inflows in the past few days, as demonstrated by CMF being below zero. 

But the OBV and RSI had positive readings at press time, denoting mild demand and buying pressure in the past few hours before publication. 

The long-term price trend was still negative

Stellar

Source: Coinalyze

As per Coinalyze’s negative Accumulative Swing Index (ASI), XLM’s long-term price trend was negative (bearish) at press time. It meant that sellers could still overwhelm the market in the lower timeframes. 


How much are 1,10,100 XLMs worth today


However, the Open Interest rates and CVD (Cumulative Volume Delta) have improved since late September. It showed demand improved slightly in the Futures market, and buyers gained a little edge. 

So, the range-low could be defended; buyers could seek profits from the two hurdles and the mid-range.  

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.