Even though the day has started bullish for the market, some coins have come back to the red zone by now, according to CoinStats.
XLM/USD
The rate of Stellar (XLM) has declined by 2.38% over the last 24 hours.
On the hourly chart, the price of XLM has broken the local support of $0.4395.
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If the candle closes below that mark and with no long wick, the decline is likely to continue to the $0.40 zone.
On the daily time frame, the rate of XLM is in the middle of the wide channel, between the support of $0.3620 and the resistance of $0.5166. As none of the sides is dominating, there are low chances of seeing increased volatility soon.
From the midterm point of view, the situation is similar. The price is within the previous bar, confirming the absence of buyers’ and sellers’ strength. In this case, sideways trading in the area of $0.41-$0.46 is the most likely scenario.
XLM is trading at $0.4259 at press time.
