Stellar (XLM) Price Prediction – When will XLM hit $1?
Stellar is a peer-to-peer decentralized network launched in 2015 to ensure protocol and connect global financial systems for financial institutes and payment providers.
Since its inception, the intermediate currency of this network (XLM) remained corrective for a year before showing an 864% gain during the 2021 crypto bull. However, the situation has changed as the broader crypto market faces massive selling pressure in 2022, which is led by higher inflation and recession fear.
The Stellar payment protocol offers cross-border transactions, bypassing higher fees and slow procedures. Moreover, Stellars works as a decentralized exchange, where investors can buy/sell or exchange their assets in settlements.
There are 25.2 billion XLM in circulation from the total supply of 50 billion. The total market cap of this token is $2,643,959,510, and XLM Price Prediction today faces an increase in trading volume by 81% to $184,171,595, led by massive seller activity.
Let’s see the future Stellar Forecast from the Stellar (XLM) Price Prediction:
Stellar (XLM) Grabbed Massive Sellers’ Interest
Stellar (XLM) faced massive selling pressure from the 0.1389 swing high, making a 25% loss to bulls.
Moreover, Stellar positively correlates with Bitcoin by 84%, where BTC's recent ascending channel breakout might work as a bearish factor for XLM.
This technical analysis shows the daily chart of XLMUSD, where the recent selling pressure came with a larger players activity. Based on the fixed range trading volume indication, the highest volume from 0.1389 high to 0.1023 low was seen at 0.1093, from where consolidation and breakdown appeared.
The 20-day Exponential Moving Average slows down at the 0.1143 static resistance level, acting as an immediate barrier to bulls. The RSI remains below the neutral 50% level in the indicator window, with a higher possibility of reaching the oversold 30% zone.
Based on the daily Steller price prediction, a minor bullish correction from the 0.1023 level needs validation from the lower timeframe price action before going short towards the 0.0900 level.
The alternative trading approach is to wait for the bullish break above the 0.1143 level with a daily candle, which may open room for testing the 0.1389 resistance level.
XLMUSD Ichimoku Cloud Analysis
Based on the Ichimoku cloud, XLMUSD showed a strong bearish breakdown from the cloud support on 12 August 2022 and retested the zone on 17 August before showing a massive drop to the 0.1023 support level.
In the most recent price chart, the selling pressure was extended after forming a rectangle pattern below the Kumo Cloud, while the future cloud remains supportive of bears. Price spiked higher towards the 0.1143 level, making the 0.1143 to 0.1096 area a valid supply zone.
The Moving Average Convergence Divergence (MACD) shows sellers' presence in the market by moving the Histogram below the neutral zero level. Moreover, there is no sign of divergence where the current MACD EMA shifted the direction on sellers side. The dynamic Tenkan Sen and Kijun Sen are above the current price, which may work as immediate resistance levels.
Based on the H4 XLM Price Prediction, a bullish correction and bearish rejection from 0.1143 to 0.1096 area would provide a decent bearish opportunity in this pair towards the 0.0900 support level. However, the bearish possibility is valid until the price breaks above the 0.1143 level with a bullish daily candle.
XLMUSD Intraday Price Action Analysis
The highest trading volume from the visible range is at 0.1094, which represents a strong sellers' presence in the market during the previous range breakdown. The latest intraday high volume level is at 0.1047, came after 0.1122, where the gap between these two levels also indicates a strong seller's activity in the market.
In the main window, the price showed a strong rejection from dynamic 20 EMA and weekly VWAP where the stable price below these levels makes a new swing low possible. However, the Traders Dynamic Index shows an oversold market condition where the TDI level reached the lower band. As per this indicator, a minor bullish correction is pending, which is valid until the TDI level reaches the 60.00 zone.
Based on the XLM Price Prediction forecast, investors should find clues from the current bullish correction at the 0.1023 level, where a strong bearish rejection would open a short opportunity. The primary target of the selling pressure would be towards the 0.0900 level.
Is Stellar (XLM) A Sell?
According to the XLM Forecast, the selling pressure in XLM/USD is more likely to extend in the coming days. Therefore, investors should monitor how the bullish correction completes, and bearish rejection appears on the intraday chart before joining the potential bearish rally.
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