Stellar [XLM] Price Prediction: Price Broke Out of the Descending Wedge, What Is Next?

2019-1-17 20:27

Long-Term Outlook Stellar Weekly Logarithmic Chart – Source: Tradingview.com

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.

Medium-Term Outlook Stellar 3-Day Chart – Source: Tradingview.com

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.

Stellar Daily Chart – Source: Tradingview.com

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 Stellar 12-Hour Chart – Source: Tradingview.com

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).

Conclusions: 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. Latest Stellar News:

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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Stellar [XLM] Price Prediction: Price Broke Out of the Descending Wedge, What Is Next? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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