Stellar (XLM) Golden Cross Confirmed: Price Analysis for July 17

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. XLM buyers are yet to catch up Volumes don't catch up with Golden Cross Advertisement Stellar has just produced a golden cross , one of the most crucial technical signals that traders look for. A possible change in momentum following months of weakness was indicated by the bullish crossover, which happened when the shorter-term moving average crossed over the longer-term trend indicator. XLM buyers are yet to catch up Even though the golden cross is technically bullish, the current price action of XLM indicates that buyers still have work to do before a more significant breakout can occur. XLM is currently trading close to $0.183. The asset is still below its 50-day EMA at $0.187 on the daily chart and near the 20-day EMA at $0.190. More significantly, the majority of June and the first part of July saw Stellar trade above the 200-day moving average, which is currently close to $0.197. XLM/USDT Chart by TradingView When compared to the protracted decline that dominated the first half of the year, that behavior represented a notable improvement. Bulls are having trouble because the market hasn't been able to maintain rallies above the $0.20-$0.21 range. Over the past six weeks, every attempt at a breakout has drawn aggressive profit-taking, which has led to steep pullbacks back toward the $0.18 region. HOT Stories Airbnb's Brian Chesky Breaks Silence on Crypto Hack Cash Cat (CASHCAT), Dogecoin (DOGE), Ethereum (ETH) and Stellar (XLM) Price Analysis for July 17: Recovery Phase Ends Abruptly This struggle is even clearer in the four-hour chart. All of the major moving averages were compressed between $0.186 and $0.191 as XLM entered a tight consolidation range after the golden cross. The most recent candles show sellers gaining a slight advantage after rejecting another attempt to regain the $0.19 resistance zone, although such compression typically precedes a larger move. Advertisement Volumes don't catch up with Golden Cross Additionally, volume has significantly decreased in comparison to the explosive activity of the June rally. This suggests that neither bears nor bulls have enough conviction to compel a clear directional change at this time. The Relative Strength Index stays neutral. The RSI is close to 45 on a daily basis, but the four-hour reading is now closer to 42. These numbers indicate that momentum has decreased without becoming oversold. XLM/USDT Chart by TradingView The crucial level for Stellar is still $0.20. The path toward $0.22 and possibly $0.25 would be opened by a clear close above that barrier, which would probably result in fresh buying pressure. On the other hand, XLM could be vulnerable to a move toward $0.17 if support around $0.18 is lost, invalidating much of the recent bullish progress. Although the golden cross is a long-term positive indicator, price confirmation is still required. The market is still in a consolidation phase rather than a verified uptrend until XLM breaks above resistance. Advertisement #XLMUSDT #Stellar Price Prediction #Stellar