The price of Stellar Lumens XLM has been unsteady since the beginning of the year. While some weeks have been bullish, others have been bearish. The highest price of Stellar Lumens since the beginning of the year was $0.1344. Stellar coin was able to reach this level on the first of April amid the market wide bull run. Since then, it has declined against the USD and has been unable to surge to this level which is now acting as resistance. Within a one month period, the price of Stellar has fallen by 7.60% against the USD.
It is important to note that the current downtrend in the market isn’t limited to the Stellar Lumens coin. Other cryptocurrencies are falling against the USD. The market-wide sell-off has been going on for a while now but intensified because of the Bitfinex-Tether saga. Bitfinex is under investigation for using Tether (USDT) to cover up losses worth millions of dollars.
Stellar Lumens Price Prediction – Stellar Lumens Coin Price
Stellar Lumens (XLM) Price Today – XLM / USD
If the price of Stellar continues to fall against the USD, it will hit bottom soon. When the price of XLM hits bottom, the value will most likely move as high as $1.5. If it doesn’t move as high as this level, it would be stuck in a descending trendline for months. Investors who want to make quick profit should buy when the price bottoms out and sell after it peaks. Long-term investors can buy the Stellar XLM tokens now and hold until the end of 2020.
Stellar Lumens Price Analysis – Stellar Lumens May Be Aiming for a Breakout
Stellar Lumens is the native token of the Stellar network. The Stellar development foundation has put a lot of work into the growth and development of the Stellar network and the Stellar Lumens token. So far, the Stellar Lumens price has been struggling against the USD along with the rest of the cryptocurrency market. This doesn’t mean that the Stellar Lumens price prediction 2019 is going to be negative throughout the year. There is still a chance that the price of the Stellar Lumens coin will surge in May as it is now approaching a bottom.
According to the latest Stellar Lumens XLM price analysis on beincrypto; the price reached a low of $0.102 on Apr 28. A downtrend ensued and the price has reached several lower lows.
On Apr 28, the price reached a high of $0.105. Several market cycles have been completed and the price has reached a lower high each time.
On Apr 29, the price made an hourly low of $0.098. It proceeded to create a similar low on Apr 30.
Similarly, the RSI and the MACD made the first low on Apr 29. However, they have continued to generate higher values since. The use of this indicator suggests that the price will increase towards the resistance line of the channel and eventually break out.
The closest resistance area for Stellar lumens is found near $0.103 and €0.0875. If the price breaks out from the channel, it is likely to reach this area. Based on this analysis, the price of Stellar lumens is likely to increase towards the resistance line of the channel and eventually break out.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.