- Summary:
- Stellar price has remained on a downtrend; a trend observable in other cryptos. In the short term, it will likely remain under pressure.
Stellar price has reversed some of Tuesday’s gains as fear remains the key emotion driving the crypto market. The crypto fear & greed index is at a fear level of 28. Granted, this is an improvement from the previous session’s extreme fear at 21. With the ongoing risk aversion, the altcoin will likely remain on a downtrend in the ensuing sessions.
Stellar price prediction
XLM has erased gains from the previous session as it remains on a downtrend. Notably, the downward momentum has persisted for over a month after hitting its highest level since early June at 0.4411. Since then, it has dropped by about 41.55%. The fall accelerated close to two weeks ago when it dropped below the crucial zone of 0.3500.
At the time of writing, Stellar price was down by 3.55% at 0.2581. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the short term, it will likely remain within the horizontal channel of between December’s low of 0.2474 and along the 50-day EMA at 0.2747.
A rebound past the range’s upper border will probably place the resistance level at 0.2950. However, the rise would still leave Stellar price on a downtrend. For a trend reversal to occur, it will need to move past the long term 200-day EMA at 0.3113. On the flip side, a move below the lower border will place the next target at a 5-month low of 0.2000.
