Stellar (XLM) price is consolidating sideways without forming significant lows, according to analysis. The cryptocurrency faces resistance at $0.185, while a range of support exists between $0.139 and $0.148. Technical indicators, including a moving average ribbon and a negative MACD histogram, suggest weak momentum and continued selling pressure for the asset.
Stellar (XLM) is trading sideways within the cryptocurrency market, failing to form any significant lows according to market analysis. At the time of writing, XLM was trading at $0.1618 with a slight 24-hour decline of 1.41%. Its market capitalization was reported at $5.36 billion based on CoinMarketCap data.
Analyst More Crypto Online stated that movements following lows in February and March could be regarded as corrections. “The breakout above the resistance of $0.185 will be needed to indicate a sign of turnaround in Stellar’s favor,” the analysis noted.
Until such a breakout occurs, the analysis suggests XLM could test lower support levels at $0.122 or $0.108. The current trading price of $0.16198 is below all levels of the Moving Average Ribbon, indicating weak trend strength.
The Relative Strength Index (RSI) reading is 45.87, indicating weak momentum. The Moving Average Convergence Divergence (MACD) is also showing weak momentum, with the histogram in negative territory at -0.00084.
This signals continuous selling activity according to the technical data. The convergence of the MACD and Signal lines suggests low momentum for the asset.
