Stellar [XLM] Price Prediction: Price Broke Out of the Descending Wedge, What Is Next?
A look at the Weekly chart for Stellar in logarithmic form shows that price broke the long-standing support line at $0.2 in mid-November and is now close to the first major support area in $0.07-0.09.
Price is facing resistance from the 7,21, and 50-period Moving Averages and the Ichimoku cloud.
A look at the 3-day chart gives similar information. Price is facing resistance from all the moving averages, and multiple bearish crosses have occurred.
However, the MACD has made a bullish cross and is heading upward. Finally, the RSI is at 35, almost indicating oversold conditions.
A look at the Daily chart provides a more positive outlook.
There is a significant bullish divergence in the RSI and the 7 and 21 period moving averages and close to making a bullish cross.
However, the price is below all the moving averages and the Ichimoku cloud.
Short-Term Outlook and Price Prediction
Finally, a look at the 12-hour chart gives us a structure in which price is trading in. Price broke out of the descending wedge on December 17th and is currently close to the mini support area at $0.09-0.1.
Furthermore, there is significant bullish divergence developing in the RSI.
Price Prediction: Therefore, I believe that in the short-term price is heading for $0.014 (the recent high) and in the medium-term, it will make a run for $0.018 (top of the wedge).
- Price is close to the support area at $0.07-0.09.
- There is some bullish divergence developing.
- Price recently broke out of a descending wedge.
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