Bitcoin
BTC$20 080.91

4.60%

Ethereum
ETH$1 352.25

3.96%

Tether
USDT$1.000199

0.01%

Binance Coin
BNB$295.18

3.35%

USD Coin
USDC$1.000129

0.02%

XRP
XRP$0.479325

6.89%

Stellar (XLM): Rolling Back to the March Price Levels


October 2020

Stellar (XLM) was arguably one of the most bullish altcoins outside the DeFi space that made respectable gains ever since the market dived headfirst to its lowest levels when the first wave of the coronavirus pandemic had hit the world. After dropping to $0.026, XML rallied 355% over the course of 161 days without any considerable retracements, with only a brief period of consolidation between $0.063 and $0.079 that lasted for 70 days.

1-week XLM/USDT chart  

Everything had been shaping up for Stellar to engage in a secondary uptrend after years of bear market, but the September selloff has thrown the bucket of cold water on the blazing hot rally. XLM has been nothing but bearish since August 17, having lost 44.1% in two episodes of price dump. Its performance profile remains 21.3% in the green against USD on the yearly scale, but other than that, it’s all red for Stellar, a clear signal to get out of this market, if you haven’t done so already.

Back from where it all started?


Going back to the weekly chart, the sellers aren’t willing to cut any slack to the opponents as they continue to pressurize the price to the downside. There is little doubt that Stellar will return to the support line at $0.63 over the course of the next seven days.

Our XLM prediction is that on this time frame, the price will eventually drop to $0.052, another 26% decrease, though it might find support for a short period at $0.063. By that time, the signal line of MACD should reach the zero line, at which point traders should be looking for reversal signals that must be confirmed by the indicators and the rising bullish volume. Should MACD persist descending into bearish territory, the rollback to the March price levels ($0.036 - $0.044) would be practically inevitable.

1-day XLM/USDT chart

On the daily time frame, the price is about to reach the point of resolution of the inverted cup and handle pattern that has the bearish bias and supports our prediction of further price depreciation. To add salt to injury, Stellar has fallen below both trend-determining exponential moving averages (50 EMA and 200 EMA), which is a sure sign that the bears are prevailing in this market. Also, the current price action takes place within the context of the bearish checkmate pattern that almost always resolves to the downside.

All in all, Stellar went from having one of the most attractive bullish setups to being pulled back into the bearish zone, with the possibility of making a complete U-turn to the March price levels being very realistic.

Author: Alex Paulson for Crypto-Rating.com

Related

Stellar (XLM): The Crypto Winter Is Not Over Yet
Stellar (XLM): The Crypto Winter Is Not Over Yet
Stellar (XLM) Is the Reversal Already On?
Stellar (XLM) Is the Reversal Already On?
Stellar (XLM): Here Comes Resistance Again
Stellar (XLM): Here Comes Resistance Again
Stellar (XLM) Sends Conflicting Signals
Stellar (XLM) Sends Conflicting Signals
Stellar Might Awake With a Morning Star
Stellar Might Awake With a Morning Star
Stellar is Looking Down Into the Abyss
Stellar is Looking Down Into the Abyss
Stellar (XLM): Just Getting Out of the Slump
Stellar (XLM): Just Getting Out of the Slump
Stellar trying to get out of the bear claws
Stellar trying to get out of the bear claws
Stellar (XLM) Price Forecast for December 2019
Stellar (XLM) Price Forecast for December 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 20 $20 080.91 4.60% -0.63% $384 928 648 027 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 352.25 3.96% -2.63% $165 850 909 431 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000199 0.01% 0.02% $67 962 965 910 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 89.2% 16 $295.18 3.35% 4.10% $47 622 811 891 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000129 0.02% 0.01% $47 041 969 452 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 86 $0.479325 6.89% 0.21% $23 918 656 745 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000158 -0.04% 0.02% $21 045 557 649 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78.4% 46 $0.432877 2.56% -5.26% $14 827 377 490 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 85.6% 22 $34.02 4.22% -2.80% $12 079 424 303 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 14 $0.060856 1.66% -2.64% $8 073 831 543 DOGE 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 69.6% 61 $0.835389 7.92% 6.54% $7 296 551 325 MATIC 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 66.8% 67 $6.47 3.14% -3.80% $7 264 526 660 DOT 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $0.999987 0.06% 0.03% $6 786 797 042 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.2% 5 $0.061484 0.80% 1.33% $6 251 497 842 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.