Lorenzo Stroe
Independent Analyst
- Stellar price is currently around $0.188 as the digital asset attempts to rebound from a low of $0.145.
- One crucial indicator has turned bearish for XLM, showing a potential pullback in the short-term.
Stellar price was as high as $0.231 on November 25 before the crypto market collapse. The digital asset lost around 37% of its value in 48 hours, but it’s attempting to bounce back up, currently trading at $0.188.
Stellar price could be facing a short pullback
Since its temporary bottom at $0.145, Stellar price is up by 29% and continues hitting higher highs. However, on the 2-hour chart, the TD Sequential indicator has presented a sell signal hours ago.
XLM/USD 2-hour chart
XLM could be aiming for a price target of $0.176, where the 50-SMA is standing on the 2-hour chart, only if the sell signal is validated. Losing this moving average can quickly drive Stellar price towards the 100-SMA at $0.136.
However, so far, the bulls have done a great job of defending the 50-SMA and could continue pushing Stellar to new highs. The last high at $0.196, which is close to the psychological level of $0.2, is the strongest resistance level.
Climbing above the area between $0.196 and $0.2 can push Stellar price towards the 2020-high at $0.231. A breakout above the top would lead XLM to a new high at $0.25 and potentially even $0.30 in the longer-term.
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