Stellar price has been on a rebound for two days in a row. The trajectory is similar to that of Bitcoin and other altcoins. After dropping below the psychologically crucial level of $40,000 for the first time since September 2021 on Monday, BTC has rebounded by 7.64%. Altcoins like Cardano and Ethereum are on a trajectory similar to that of Stellar.
XLM has extended Tuesday’s gains earlier in Wednesday’s session. After plunging to a six-month low of 0.2400 at the beginning of the week, the altcoin has since rebounded by about 12.92%.
At the time of writing, Stellar price was up by 2.79% at 0.2704. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. However, it remains below the long-term 200-day EMA.
In the short term, the range between 0.2599 and 0.2732 will be one to look out for. Even with the ongoing rebound, Stellar price remains under pressure.
For a trend reversal to occur, there will need to be enough bullish momentum to push it to and past the crucial zone of 0.3000. It has been trading below this point for two weeks now. Based on both the fundamentals and technicals, that level may remain evasive in the short term.
A move above the highlighted range’s upper border will likely place the resistance level at around 0.2800. On the lower side, a pullback past the support zone of 0.2599 will probably have the bulls defend the support at the psychological zone of 0.2500.
This post was last modified on Jan 12, 2022, 09:12 GMT 09:12