Stellar Lumens Price Movement Analysis for 12th April, 2021

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Stellar Lumens’ worth has risen over time, with a market capitalisation of $13.27 billion. The eleventh-largest digital asset by market cap has seen a significant increase in valuation, especially in the last few days. Between the 10th and 11th of April, XLM experienced a 36% increase, bringing its price from $0.5713 to $0.6550. However, the stock had retraced 13% and was now trading at $0.5827.

Stellar Lumens 1-hour chart

Source: XLMUSD on TradingView

The XLM chart above shows that the price rally peaked at $0.6550, after which it started to correct. The price fell in two successive descending channels and was currently funded at $0.5757.

This downtrend has been pointing to another downturn in the XLM industry.

 

Reasoning

Volatility has exited the market following the sharp movement of price activity as the Bollinger Bands converged. The market’s uncertainty has decreased as a result of the declining stock. While the signal line moved over the candlesticks, signalling that the price was declining.

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Meanwhile, the relative strength index, which stood at 48, was similar to the equilibrium zone. However, increasing bearish momentum could result in increased selling pressure, pushing the XLM value even lower. This is probable if XLM breaks through the $0.5757 support level.

 

Crucial levels

Entry-level: $0.5700
Take Profit: $0.5491
Stop-level: $0.5840
Risk to Reward: 1.49

Conclusion

The coin’s wave-like rotation was observed on the latest Stellar Lumens map. Despite a solid uptrend, the price has finally begun to right. The price has fallen within two falling channels, and if it breaks through the immediate support, the value could fall as low as $0.5491. However, if purchasing interest increases, the breakout from the trend may be bullish, retesting the resistance at $0.6103.

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