Stellar (XLM) Closes Prior Hour Up 0.15%; Moves Up For the 2nd Consecutive Day, in a Downtrend Over Past 90 Days

The Hourly View for XLM

Last Updated July 5, 2021, 03:017 GMT

At the time of this writing, Stellar’s price is up $0 (0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Stellar. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on XLM; it is now pointing down. 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 1.63% ($0.0043) since the previous day, marking the 2nd consecutive day an upward move has occurred. This move happened on lower volume, as yesterday’s volume was down 7.94% from the day before — and down 51.92% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Stellar ranked 6th since the previous day in terms of percentage price change. Below is a daily price chart of Stellar.

Stellar Technical Analysis

The first thing we should note is that Stellar is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for Stellar has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to sell rallies. For additional context, note that price has gone up 9 out of the past 14 days.