Stellar’s XLM has experienced dynamic price movements and trading patterns from October to December 2024. Insights from TradingView and CoinGlass provide a comprehensive look at its price trends, support and resistance levels, and market activity. These patterns reveal shifting market sentiment and potential future scenarios.
What you'll learn 👉
XLM Price Trends and Key Levels
Stellar’s daily price chart on TradingView shows a pronounced surge from October to mid-November, followed by a decline.
The price is currently stabilizing near $0.34, signaling a consolidation phase. Key support levels are identified around $0.31, as indicated by the bottom Bollinger Band and prior price action. Resistance is observed near $0.38, aligned with the upper Bollinger Band.
Recent small-bodied candlesticks suggest indecision among traders, possibly leading to a breakout or breakdown. The Bollinger Bands’ contraction highlights reduced volatility, a precursor to a potential price movement.
The price is below the Bollinger Bands’ midline, indicating short-term bearish emotion even though the 200-day EMA at $0.21 validates long-term bullish momentum.
Volume and Market Indicators
Volume trends underscore shifting market dynamics. A spike in trading volume during the earlier uptrend indicates strong participation, but the subsequent tapering during consolidation suggests reduced market activity.
The MACD indicator shows the line approaching a bullish crossover above the signal line, while the RSI at 42.10 positions the asset in a neutral-to-oversold zone. These indicators hint at potential price reversals, contingent on increased buying pressure.
Read also: Why Is Lido DAO’s Price Rising? Here’s Why LDO Could Hit $4 Soon
Spot Inflow/Outflow Analysis
Data from CoinGlass highlights net inflows and outflows for Stellar during November and December. Early November’s price rally to $0.65 coincided with strong inflows, reflecting heightened buying interest.
However, mid-November marked a shift as sharp outflows aligned with a price decline to $0.40. Outflows persisted into December, albeit at reduced intensity, as the price stabilized in the $0.35-$0.40 range.
This shift from inflows to outflows suggests cautious market behavior. Investors have shown tendencies to withdraw funds from exchanges, indicating long-term storage or risk mitigation during volatile periods.
Future Market Scenarios
Stellar’s price trajectory appears poised for a decisive move. A breakout above $0.38 could pave the way for higher targets near $0.45, while a breach of $0.31 may lead to a retest of lower levels around $0.25.
The current consolidation phase underscores the importance of volume and market sentiment in dictating the next major movement.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
