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February 21 – Latest News, Breaking News, Top News Headlines

Bitcoin’s value hit $ 56,000 while the altcoin market also appeared to be trading at its peak. With a market capitalization of $ 11.18 billion, Stellar [XLM] is trading at $ 0.4925.

The digital asset was brought down to the eleventh position on the CoinMarketCap list, but it has remained in line with the leading trends reflected in the altcoin market.

Six hour stellar graph

Source: XLMUSD on TradingView

Stellar’s chart above highlighted the coin’s rather slow growth. The price of the digital asset recovered between lows of $ 0.276 and $ 0.3126 in early February and moved closer to the high of $ 0.8963. When it reached the resistance at $ 0.5805, the value fell and was currently moving sideways between $ 0.5805 and $ 0.4734.

As the current trend continues, we may see the value of XLM continue to consolidate.

Reasoning

The current trend in the XLM market was bullish and suggested that the market had gained a sense of price stability.

Bollinger bands, which indicated high volatility during the rally, had converged. This convergence was a sign that the price was moving within a small range.

Meanwhile, the 50 MA was currently acting as a support for the price.

The market correction pushed the asset back below the overbought zone. The sellers pushed XLM into a zone of equilibrium, where the buying and selling pressures were evened out.

Conclusion

The XLM chart suggests that the movement of the digital asset may continue to move sideways. The indicators also agree that the market is currently stable. However, it can be argued that a price swing may not materialize for XLM in the short to medium term. As the price continues to stabilize.

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