Stellar (XLM) Struggles to Print Minimal Gains

As of today, the Stellar token (XLM) has recorded additional, albeit minimal, price increases. However, these price gains appear to be sustained. So far, today’s trading activity has added a 2.98% price increase. Let’s see if further gains can be achieved below.

Stellar Statistics

XLM Current Price: $0.2647

Market Capitalization: $8.23B

Circulating Supply: 30.73B XLM

Total Supply: 50B XLM

CoinMarketCap Rank: 15

Key Price Levels

Resistance: $0.3000, $0.3500, $0.4000

Support: $0.2500, $0.2000, $0.1500

Stellar’s Upside Retracement Dwindles

As price action in the XLM daily market approaches the 200-day Moving Average (MA) line, price candles are becoming smaller. However, these candles remain bullish, suggesting that upward momentum is still influential in the market.

That said, the latest price candle continues to test the 200-day MA from below, indicating that price action remains somewhat subdued. The Stochastic Relative Strength Index (RSI) is still in the oversold region but is trending upward. Technically, this signals that an upside retracement is still in progress.

XLM Gains Traction Above the 20-Day MA

In the Stellar 4-hour market, price action has exceeded the 20-day MA line. Although the ongoing session appears as a red-price candle, trading activity remains above the 20-day MA.

Meanwhile, the Stochastic RSI lines are at the terminal level of the indicator and appear to be trending sideways. This suggests that bullish momentum is still present and attempting to push the price further toward the 50-day MA at $0.2751. A successful move could facilitate a further retracement toward the $0.3000 price level.

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