Stellar has managed to maintain itself above support at the $0.085 level after seeing a 1% increase in price over the past 24 hours of trading. The cryptocurrency is now trading at a price of $0.08727, at the time of writing, after a sharp price drop over the past 90 trading days which totals 47%.

Where Is Stellar ranked?

Stellar Lumens is currently ranked in 8th position as it holds a $1.66 billion. This is down by $60 million since our previous Stellar price analysis.

Let us take a look at XLM/USD over the recent term and highlight some potential areas of support and resistance moving forward.

Stellar Price Analysis

XLM/USD

XLM/USD – MEDIUM TERM – DAILY CHART

What has happened since our last analysis?

Since our last price analysis, we can see that the XLM/USD market had continued to fail to break above the resistance at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.09673.

After failing to break above the aforementioned resistance, price action rolled over and started to fall aggressively on February 24 2019. This was largely due to the precipitous decline seen in BTC/USD on that day. We can see that XLM/USD fell into support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.08315.

Price action has managed to climb slightly higher from this support and is now trading at the .5 Fibonacci Retracement level (drawn in green) priced at $0.08635.

What is the current short term trend?

The current trend of the market is presently neutral. For this market to be considered bullish, we would need to see price action break above the resistance at $0.09673. If XLM/USD was to fall underneath $0.08213 then the market would be rendered as bearish.

Where are we likely to from here?

If the bulls can hold above the support at the .5 Fibonacci Retracement level (drawn in green) priced at $0.08635 and continue to climb higher, we can expect immediate resistance at the short term .382 Fibonacci Retracement level (drawn in green) priced at $0.08955. Further resistance above this is then located at $0.0926 and then the long term bearish .382 Fibonacci Retracement (drawn in red) priced at $0.09673.

If the buyers continue to climb above the $0.10 handle, we can expect further resistance above to be located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $0.1040 and $0.1114, respectively.

What if the bears regain control?

Alternatively, if the sellers regroup and push XLM/USD lower, we can expect immediate support below $).08635 to be located at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.07860 and $0.07589, respectively.

Further support below this can then be located at the previous downside 1.618 Fibonacci Extension level (drawn in purple) priced at $0.07261.

What are the technical indicators showing?

The daily RSI is currently trading along the 50 handle which indicates the indecision within the market. If the RSI can break above 50 and head higher we can expect XLM/USD to make its way back toward $0.10 once again.

Let us continue to take a look at XLM/BTC over the recent period and highlight some potential areas of support and resistance moving forward.

XLM/BTC

XLM/USD – MEDIUM TERM – DAILY CHART

What has been going on?

We can see that XLM/BTC has been having a tough year falling from a high above 3000 SATS in January to a low around 2100 SATS in February. However, we can see that after rebounding from the February 2019 low price action surged into resistance at the bearish .236 Fibonacci Retracement level (drawn in orange) priced at 2388 SATS. The bearish Fibonacci Retracement level is measured from December 24 2018, high to the February 2019 low.

Price action has since fallen since reaching this resistance but had managed to find support at the short term .618 Fibonacci Retracement level (drawn in green) priced at 2193 SATS.

What is the current trend?

The overall long term trend is most definitely bearish. However, the short term trend is currently neutral. If XLM/BTC was to break above the 2390 SATS handle then the market would be considered bullish in the short term.

Where can we go from here?

If the buyers can regroup and push the market above the current resistance at 2230 SATS, we can expect immediate higher resistance to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at 2265. Resistance above this is then expected at the bearish .236 Fibonacci Retracement level (drawn in orange) priced at 2388 SATS.

If the buyers can continue to climb above 2340 SATS then we higher resistance lies at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at 2468 SATS and 2511 SATS, respectively. This is then followed with more resistance at the bearish .382 Fibonacci Retracement level (drawn in orange) priced at 2581 SATS.

What if the bears regain control?

Alternatively, if the sellers add pressure to XLM/BTC and push price action lower, immediate support lies at the short term .618 Fibonacci Retracement level (drawn in green) priced at 2193.

Further support below this can then be located at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at 2124 SATS and 2111 SATS, respectively.