The digital asset market hasn’t really been bullish in recent days for most of the digital assets in the top 20 coins by market cap. Apart from leading digital asset Bitcoin and the price of XRP, one other coin that has managed to maintain a bullish short and medium-term outlook is the price of Stellar Lumens.
According to activity on the chart analyzing the XLM/USD pair, over the last week, the price of Stellar Lumens has managed to gather the bulls. It is clear that the bulls were in control of both the short-term and medium-term price movements. Hence, traders can buy responsibly at important price positions after they have confirmed the bullish reversal candlesticks.
The Price of Stellar Lumens is Bullish in the Medium-term
The price of Stellar Lumens has continued moving in a bullish pattern for its medium-term outlook. According to the technical data, the strong bullish pressure in play for XLM was sustained in its new trading week after the digital asset’s price was up at $0.157 as of May 11. The pullback of the price to the 61.8% Fibonacci area confirmed XLM’s uptrend continuation in a bullish engulfing candle. This ensured that the market opened the day at $0.09905.
The XLM/USD pair rose initially to the $0.1146 price position and later to the $0.1039 price level in the supply region. Before it closed with an inverted hammer which was an indication of exhaustion as the price of Stellar Lumens dropped to $0.1039 in the position of demand at the 38.2% continuation zone.
The price of Stellar Lumens is above the two EMAs. The stochastic oscillator signal is pointing up to about 80% in the overbought position which suggests an upward momentum for the digital asset. This is happening with more open candles closing above the EMAs.
The Price of Stellar Lumens is Bullish in the Short-term
The Second Stellar Lumens is also in the upward movement in its short-term prediction. The large candle was created after today’s 1-hour opening candle at the $0.09842 position which confirms that the bulls have taken control of the market. Both EMAs were broken as the price of the cryptocurrency rose to $0.1146 and entered the supply position.
Rejection to the continued upward price movement occurred at supply areas with the bears coming back as prices dropped to $0.1060 at some point in the demand area.
The journey upwards is on course with the price of Stellar Lumens at $0.1105 and in the supply position beyond both EMAs fanned apart. This action suggests that there’s an upward momentum for the short-term outlook.
What the Experts Recommend Considering the Price of Stellar Lumens
Since the price of Stellar Lumens is bullish for both the short-term and medium-term investors are advised to buy responsibly at the important price positions such as $0.1039, $0.1105, and $0.1146 after they have confirmed the bullish reversal candlesticks. Things are looking good for the price of Stellar Lumens. Only time will tell if the current bullish outlook Stellar’s price will be sustainable.
Per CoinMarketCap data, as of the time this content was published the price of Stellar Lumens was trading at $0.113178. The digital asset is up by 11.92% in the last 24 hours.