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Technical Analysis for XLMUSD for 3rd January 2023

Stellar Firm from $0.07 as XLM Trading Volumes Swell

Past Performance of XLM

Stellar prices are up five percent from December lows. Per the XLMUSDT price action, buyers appear to be taking charge after steep losses last year. XLM plunged 77 percent from January 2022, dropping as low as $0.070 by the end year. However, things are beginning to look up for buyers following gains on January 2.

Stellar Technical Analysis

Overall, XLM prices are bearish from a top-down preview. The primary support is at $0.07, flashing with December 2022 lows. On the other hand, primary resistance is at $0.077, coinciding with December 19 highs. Following the gains of January 2, aggressive traders can look to double down their positions, targeting the short-term resistance level. It is worth noting that prices are higher with rising trading volumes, a positive development. Further gains above $0.077 and middle BB may pump XLM towards December 16 highs at $0.082 as the coin bottoms up.

What to Expect from XLM

There are higher highs relative to the lower BB though the downtrend remains. Going forward, sellers remain in control, and XLM must clear the above immediate liquidation lines for buyers to establish themselves.

Resistance level to watch: $0.077

Support level to watch: $0.070

Disclaimer: Opinions expressed are not investment advice. Do your research.

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