Stellar Lumens Price Movement Analysis for 5th April, 2021

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Stellar Lumens has a YTD output of +273.5%, and it has seen powerful bullish movements followed by consolidation, especially since mid-November. Grayscale recently announced the addition of over 5.5 million XLM coins to its reserves.

On the indexes, XLM was in another period of consolidation, but its latest ascent past $0.458 has raised the prospect of XLM making another quick upward leap.

Stellar Lumens 12-hour chart

The February decline from $0.6 to $0.314 was used to calculate Fibonacci retracement levels (cyan). In the month of March, the 50 percent and 61.8 percent values at $0.437 and $0.472, respectively, were particularly important.

XLM has recently surpassed the $0.458 mark in trade. While the most recent trading session for the time period under review has not yet ended, technical indicators painted a bullish image for XLM.

There is a supply zone just below the 50% limit, and XLM bulls have been rebuffed at this level several times in the last six weeks. This rise over $0.44 is a bullish trend, and a slight decline down to $0.458 or $0.44 can be regarded as a buying opportunity.

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Reasoning

The main explanation for this is XLM’s heavy step above the supply zone. If the trading day ends above $0.44, it would be bullish, and even more so if it closes above $0.458. This would imply that bulls were in complete control.

The RSI did not fall below neutral 50 and was back at 67, indicating that the upward trend was continuing. The OBV was still steadily rising, reflecting the appetite behind the XLM surge.

The 20-period EMA (white) was moving above the 50-period EMA (yellow), indicating bullishness, and the 50 EMA may also act as help.

Conclusion

In the coming days, we might see a return to $0.458 or even $0.44. These two values should be used to scale into a long stance, with a stop-loss at $0.42 or below, under the 50-day moving average at $0.409. Given the chance that XLM would rise to $0.6 in the coming weeks, a larger stop-loss of $0.4 will also offer a favourable risk-to-reward for this trade.

 

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