Stellar (XLM) Sees Gains but Comes Under Pressure

The Stellar market is posting moderate gains. However, technical indicators suggest that price action is coming under pressure. Nevertheless, the recorded gains remain intact for now, pending further bearish movements.

XLM Statistics:

Stellar Current Price: $0.3335

Market Capitalization: $10.1B

Circulating Supply: 30.58B XLM

Total Supply: 50B

CoinMarketCap Rank: 14

Key Price Levels:

Resistance: $0.3500, $0.4000, $0.4500

Support: $0.3000, $0.2500, $0.2000

XLM Recovers Higher Ground

The Stellar market has been steadily declining over the past eleven sessions. However, the downward retracement has settled into consolidation over the last six sessions. Despite this, trading activity remains below the converging 20- and 100-day Moving Average (MA) lines.

The ongoing session is represented by a moderate green price candle with an upper shadow. Meanwhile, the Stochastic Relative Strength Index (RSI) lines are slightly rising from the oversold region following a crossover. As a result, traders should look for additional signals to make well-informed trading decisions.

Stellar Market Sees Minimal Downward Retracement

On the 4-hour price chart, price action has just crossed above the 20- and 50-day MA lines. However, as soon as price action reached this region, it encountered headwinds. Consequently, the last two price candles appear compressed.

Despite this, price action is still trending upward, even though contractions have already placed it in the overbought region. This suggests that price forces are still in play. At this point, traders should anticipate a minor downward retracement before the market rises toward the $0.3500 or $0.4000 price levels.

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