Stellar Price Stumbles; Can XLM Begin the Uptrend?

XLM has been moving downward for the past 7 months, forming lower low peaks, and is currently trading at $0.146. The Stellar (XLM) token has recently crossed the lower peak of $0.145, and the price hiked significantly in the last 3 days.

Once the token traverses the downtrend line and closes above it, an uptrend pattern can be expected with the formation of higher highs and higher lows. Check out XLM price prediction and find out if the coin will begin the uptrend or not.

XLM reached the oversold zone during the second week of May 22 and turned towards the overbought zone. The current RSI indicator at 51 shows the neutral movement of the coin. The Bollinger Bands on the daily chart show low volatility in the XLM price as the bands are narrowing, and the price is currently moving on the edges of the upper bands.

Since the XLM prices are on weekly support, a break and closing beyond the upper half of the Bollinger Band would signal a bullish momentum in the near future.

On a longer time frame, the weekly chart shows the Stellar coin approaching strong long-term support zones from where the last bull drive took place and sent XLM soaring to almost its all-time highs of around $0.9381.

This increase in XLM prices unfolded in just under a year. Although we do not see a very bullish momentum right now, XLM has taken some support in this area, i.e., around $0.120 to $0.110. The first test of support sent prices significantly higher from support zones of $0.120, and then a second test took the coin even higher.

This Stellar price action shows buying interest around the support area. The RSI has been stalling in its downward trend and is almost going sideways on the weekly timeframe. However, on the daily chart, the RSI went into oversold territory and came above the 30-line on May 13, indicating a probable price reversal.

In order to have a clear sign of a turnaround for the XLM coin, prices have to break and close above the downward sloping trendline on the daily chart.