Stellar’s (XLM) Price Movement: An Analysis for the Indian Market2-min read

Karan Kumar

Karan Kumar |  Updated on 15/8/2023

 Stellar Lumens

Stellar Lumens

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Stellar’s (XLM) recent performance in the cryptocurrency market is garnering significant attention. This article offers a comprehensive breakdown of its trajectory, ensuring investors remain well-informed for prudent decision-making.

CoinBharat artwork of a financial expert analysing cryptocurrency graphs

A Look Back at XLM’s Performance

XLM set a promising tone at the beginning of the year, overcoming a formidable resistance point that had been in place for an extensive 616 days. Such breakthroughs often signify a change in market direction.

Initially priced around ₹8.75 (USD $0.105), the cryptocurrency showcased a bullish trend in June, peaking at ₹16.28 (USD $0.195) by July. However, the subsequent period has witnessed a consistent decline, with three consecutive bearish weekly patterns emerging. Currently, another such trend seems to be unfolding, suggesting a potential return to the ₹8.75 support level.

To offer perspective, while the next major resistance point at ₹19.18 (USD $0.230) stands at a staggering 70% above its current position, the ₹8.75 support level is about 22% below.

CoinBharat artwork of an Indian investor analysing crypto trends

Deciphering the RSI

The weekly Relative Strength Index (RSI) – a tool frequently utilised by traders to gauge market momentum – currently presents a rather ambiguous outlook. Typically, an RSI value above 50 with an upward pattern indicates bullish sentiments. Conversely, values below 50 hint at bearish tendencies.

Interestingly, despite its decreasing trajectory, XLM’s RSI remains above 50, offering mixed signals that can be perplexing.

Daily Trends and Projections

CoinBharat artwork of a retail investor analysing crypto charts

A detailed examination of daily trends suggests XLM’s decline may persist. This is largely due to its recent divergence from a symmetrical triangle about three days ago – a pattern generally perceived as neutral. Had this formation persisted following the upward trend, a breakout might have been anticipated.

Contrary to these expectations, XLM has experienced a downturn over the past three days and currently hovers just above the ₹10.83 (USD $0.130) support mark.

The daily RSI further corroborates this downward momentum, having recently dipped below 50. If XLM’s price dips below ₹10.83, it could potentially approach the next support level of ₹9.17 (USD $0.110), which equates to a 20% decline from its present valuation. This level aligns closely with the long-term ₹8.75 support.

However, there’s a silver lining: should XLM break the triangle’s upper resistance, a bullish short-term trend might materialise, potentially heralding a 70% surge towards the ₹19.18 resistance point.

Conclusion

For those in India keen on cryptocurrency diversification, monitoring XLM’s progression is crucial. In the unpredictable domain of digital currencies, a combination of market insights, personal research, and expert consultation is paramount for astute investment strategies.

Where to Buy XLM in India in July 2024

Admiral Markets, Libertex, and AvaTrade sell XLM to Indian investors and offer bonuses up to 100% to new customers, doubling their investment funds.

Admiral Markets Review

Admiral Markets Review

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Pros

  • list bullet Over 40,000 active clients from 110+ countries, carrying out an average of 1.5 million trades per year.
  • list bullet Competitive spreads as low as 0.5 pips and up to 500:1 leverage for forex trading.
  • list bullet Provides access to over 8,000 trading instruments, including 40+ forex pairs, 200+ stocks, and 5+ cryptocurrencies.

Cons

  • list bullet Admiral Markets has relatively high minimum deposit requirements for some account types, such as those in GBP.
  • list bullet Some users have reported slow response times from customer support, during excessively busy periods.
Libertex Review

Libertex Review

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Pros

  • list bullet 0% fees on stock trades, minimum deposit of only $10 or equivalent
  • list bullet Over 322 tradable assets available
  • list bullet Unmatched user-friendly interface, easy for beginners to catch on

Cons

  • list bullet Unavailable in some countries, including the United States
  • list bullet Only features two types of accounts (Demo and Standard)
AvaTrade Review

AvaTrade Review

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Pros

  • list bullet Swift Account Setup: Account activation in approximately 5 minutes with an efficient digital process.
  • list bullet Robust Support & Education: 24-hour multilingual support and comprehensive educational resources through AvaTrade Academy.
  • list bullet Diverse Investment Products: Over 1,260 tradeable symbols, including Forex and cryptocurrency CFDs.

Cons

  • list bullet Withdrawal Timeframe: Although competitive, withdrawals can take up to two business days.
  • list bullet Mobile App Features: While AvaTrade's mobile apps are innovative, they lack some advanced features compared to other industry leaders.