In 2021, the XLM coin has observed a tremendous upside move in the first half of the year, and later, it faced a sharp decline, but then it managed to regain its momentum in the second half. From reaching the highs of $0.79, the price chopped down to $0.20 in July 2021 and reached its support zone. Stellar price has crossed the downtrend line coming over from May and has begun to move upwards.
The XLM crypto even got tested at the support line and failed to move downwards, followed by up-trending candles. There is a formation of ascending triangle pattern in the daily chart, which indicates an upside momentum of price. In a period of 20 days, the Stellar crypto has given a return of 26%.
Stellar is currently observing a consolidated momentum with the current price at $0.39. There is an existence of bearish divergence between the price and the RSI. On November 10, there was an immense bearish volume, but the bears failed to move the price downwards, and the price opened at $0.41 and closed at $0.38.
Observing the indicators in the daily chart, the MACD line being above the signal line shows a bullish move. However, the MACD line just crossed the signal line and is moving parallel to it. The RSI being at 55 is neutral at the moment. The XLM price may head towards the overbought zone soon.
The chart shows that the price has started to recover to leaving back its support and has crossed its previous high of $0.43. There is a formation of a bullish engulfing pattern in the above XLM price chart. Stellar price is currently moving sideways, but it can show a strong movement in an upward direction if the candle gets closed above the previous high candle.
In the 4-hour chart, it is evident that the XLM price has started to descend after reaching its resistance point, and the bears are successful in plunging the price down. The indicators show a sell signal, and the two bearish candles formed on November 10 & 11 moved the price from a high of $0.44 to lows of $0.36. Though the coin was moving in an up-trending pattern, there may be a retracement because of which the price came down.
If the XLM price continues to move upside, we can expect a minimum target of $0.53, and if it falls and traverses the support line, the price of Stellar Lumens may reach $0.25.
