Stellar (XLM) Closes Last Hour Up $0.00; Heads Up For the 2nd Consecutive Day

The Hourly View for XLM

Last Updated October 18, 2020, 11:15 GMT

At the moment, XLM’s price is up $0 (0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as XLM has now gone down 4 of the past 5 hours. 2 Price action traders may also wish to note that we see a doji candlestick pattern on XLM. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Stellar Daily Price Recap

Stellar is up 3.08% ($0.0024) since the day prior, marking the 2nd consecutive day it has gone up. The price move occurred on stronger volume; specifically, yesterday’s volume was up 100.34% from the day prior, and up 270.28% from the same day the week before. Stellar outperformed all 7 assets in the Top Cryptos asset class since the day prior. Here is a daily price chart of Stellar.


Stellar Technical Analysis

The first thing we should note is that the current price of Stellar is sitting close to its 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Traders will also want to note, though, that a counter trend — meaning a trend going up — can be seen on the 14 day timeframe. This may setup an interesting opportunity for traders looking to sell rallies in anticipation of the primary trend resuming. For additional context, note that price has gone up 8 out of the past 14 days.