Stellar's 0.01% Price Increase to $0.1187: Key Insights for September 19, 2023
Stellar's XLM token saw a slight 0.01% price increase over the past 24 hours to $0.1187, according to data analyzed on September 19, 2023. With a market capitalization of $3.27 billion, Stellar remains one of the top cryptocurrencies by market cap. Trading volume over the past 24 hours totaled $43.83 million. Let's take a closer look at the key metrics and what they might indicate for Stellar's price action going forward.
Over the past hour, XLM has traded down -0.09%. This minor decrease comes after a period of sideways trading for Stellar's price. The 1-hour chart shows the price hitting resistance around the $0.119 level multiple times recently. If bearish momentum picks up, we could see Stellar test support around $0.115 in the short-term.
Zooming out to the daily timeframe, the slight 0.01% gain today has XLM primed to close in the green for the first time in over a week. Prices have struggled to gain upside momentum since reaching 2022 highs around $0.16 in late August. The daily relative strength index (RSI) is right around 50, indicating neutral momentum. If XLM can close above short-term resistance at $0.12, that would provide a positive technical signal and open the door for a retest of the $0.13 area.
On the weekly chart, Stellar remains down -9.75% over the past 7 days. Prices have trended lower since hitting that aforementioned 2022 peak price. The weekly RSI is hovering right around 40 in bearish territory. The $0.11 price area is proving to be an important support zone for XLM so far. Bulls will want to defend this level to prevent any larger drawdowns.
Compared to a month ago, Stellar's price is virtually unchanged, trading just -0.60% lower. The monthly chart shows XLM consolidating within a symmetrical triangle pattern after the August run-up. This consolidation period could resolve to the upside if bulls can push above the top trendline, which aligns with the $0.13 resistance area. A break lower from the triangle could open the door for a drop towards $0.09.
Zooming out even further to the 6-month timeframe, Stellar remains in an overall uptrend, trading +34.95% higher. XLM saw a powerful rally between July and August before topping out. This period allowed the price to break out of a large falling wedge pattern that had confined the price action since May. The 6-month chart shows potential for continuation of this uptrend if XLM can hold above the 21-week moving average, currently around $0.105.
Price Prediction for the Next 6-12 Months
Given the rather muted price action and consolidation for XLM in recent weeks, I expect this period of rangebound trading to persist over the next 3-6 months. The upper boundary of the current symmetrical triangle pattern around $0.13 should act as tough resistance. Any break above this level on heavy volume would indicate a resumption of the larger uptrend. In that scenario, Stellar could retest the 2022 highs around $0.16 before the end of 2023.
On the flip side, failure to hold the lower triangle support near $0.11 could open the door for a steeper selloff towards the next support zone around $0.09. However, the bullish momentum from earlier this year suggests buyers will defend dips.
Looking out longer-term to late 2023 and into 2024, I expect Stellar will break out from the current consolidation range to the upside. The