The crypto market is a mixed terrain of green and red, BTC stabilizes around $34k after cooling off from the ‘Elon Musk pumping effect’. Stellar had a significant surge to highs of $0.4399 on Jan. 6 but declined to $0.2079 subsequently. After a brief consolidation, Stellar’s (XLM) price got pumped to $0.3834 on Jan. 29 when it attracted attention from Satoshistreetbets, a Reddit group. XLM however suffered a retreat as the resistance level at $0.3650 proved difficult to crack. Consolidation sets in amid rebound on XLM/USD to $0.36 while the bulls target further upside gains. Climbing from intraday lows of $0.29, Stellar has gained 4.61% on a daily and 18.40% on a 7-day basis. At the time of writing, XLM is exchanging hands at $0.3161 after reaching intraday highs of $0.3650. Stellar is the 11th largest digital asset with a current market capitalization of $7.1 billion and an average daily trading volume of $3.6 billion. Stellar Lumens team releases 2021 roadmap with the prevailing theme centered on growth. The team also laid out three ‘strategic pillars’, which include supporting the network’s usability, visibility, and fostering sustainable development.
*XLM suffered a retreat after the resistance level at $0.3650 proved difficult to crack
*XLM is exchanging hands at $0.3161 after reaching intraday highs of $0.3650
*Stellar Lumens team releases 2021 roadmap with the prevailing theme centered on growth
Key Levels
Resistance Levels: $0.4500, $0.4399, $0.3650
Support levels: $0.3000, $0.2090, $0.1500
XLM/USD Daily ChartAs seen on the daily chart, XLM attained intraday highs of $0.3650, however, the bulls could not sustain further upside move. Looking ahead, if the bulls push higher again, resistance may be encountered in the range between $0.34 to $0.4160. If XLM bulls can finally manage to crack above the $0.3650 resistance level, XLM price can quickly climb towards $0.4160 and higher to $0.45.
On the flip side, failure to move through the $0.34 resistance would bring the first major support level at $0.2877 into play. In case of further declines, the XLM/USD pair may retest to the MA 50 support at $0.2300, which may attract some dip buying. But if it fails to rebound off this support with strength, the declines may worsen, and a plunge to $0.20 and $0.15 may be on the cards.
XLM/USD 4-Hour ChartXLM attempted breaching the immediate resistance above $0.3650 on two occasions, Jan 30 and Feb 1. without success. If the price further turns down, the MA 50 located at $0.2850 will be the next price target for the bears. However, XLM sits on top of a robust support range of around $0.2608 at the MA 200 which may cushion further losses. Declines below the MA 200 could intensify selling pressure.
On the upside, a sustained break past $0.3650 holds the key to XLM/USD uptrend. In this scenario, XLM could reach $0.38 and retest the January 2021 high of $0.4399. The XLM/USD pair is only bullish while trading above the $0.3 mark, key resistance is found at the $0.3650 and 0.4399 levels.
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