During the cryptocurrency bull rally at the beginning of April, the price of Stellar did relatively well against the USD. It was able to maintain an uptrend for a few days before the market correction started. This also happened shortly after Coinbase announced that it was launching a Stellar airdrop as part of an educational program for its users. However, when the market correction started, the price is Stellar Lumens (XLM) fell against the USD and against BTC. Since the 8th of April, Stellar Lumens (XLM) has been on a downtrend. According to beincrypto.com; analysts are now suggesting that the price of Stellar will hit bottom before a breakout commences.
The next few days of trading will determine if the price of Stellar Lumens will bottom out per the Stellar Lumens price prediction. Yesterday, the 100 and 20-period moving averages of Stellar Lumens were bearish indicating that the bears still have full control of the market.
Stellar Lumens News Today – Stellar Lumens Price Prediction
Stellar (XLM) Price Today – XLM / USD
The price of Stellar will outperform many other cryptocurrencies in the market. This is what the Stellar development foundation has been hoping for by hosting Stellar airdrops and getting in bed with Coinbase among other promotions. In the Stellar Lumens news today, we would talk about how the price of Stellar Lumens is going to bottom out soon and what should be expected after that happens.
Even if the price of Stellar is green this morning, there is a strong possibility that it will move lower to this level soon. This would mark a bottom and would be followed by a significant surge in the price of Stellar Lumens (XLM). The momentum might be enough to take the price of Stellar XLM to higher highs.
Stellar Lumens would find support when the price action takes the price of Stellar Lumens (XLM) to the same point over and over again without breaking below. It is this point that acts as support against lower loses against the USD. If the support holds firmly and the bulls gather momentum, a breakout will occur and the price will move higher above the existing resistance levels.
Stellar Lumens (XLM) Technical Analysis
According to the cryptovest; the main developments from the past month include:
Stellar becoming the largest Coinbase Earn partner, giving away up 1 Billion XLM tokens on the San Fracisco-based platform.
Coinbase Pro adding support for XLM.
The launch of IBM’s World Wire cross-border payment solution which has been built on top of the Stellar blockchain.
Smartlands, Stellar’s first ICO, has recently launched its first STO this month which allows investors to purchase tokens backed by a new student building in Nottingham, England.
The Zion Wallet on the new HTC Exodus blockchain phone has recently added support for XLM.
Should buyers succeed in retracing back to the neckline after touching the $0.096 mark, then the pattern will complete and a strong bull run should ensue. On the MACD indicator, the 12MA has bearishly diverged with the 26MA is continuing to plummet down towards the signal line. This also confirms that momentum currently sides with bearish traders.
The CMF line is also plummeting towards the zero line, as selling pressure begins to mount up.
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