In correlation with the recent downward trajectory observed in XRP’s price performance over the past week, Stellar (XLM) has similarly experienced a diminishing trend, mirroring the prevailing bearish sentiment in the cryptocurrency market.

The month of July witnessed Stellar consolidating its gains, successfully transforming its previously established price ceiling for the years 2022 and 2023 into a dependable support level. This transition occurred in the middle of July, marking a pivotal breakthrough as the altcoin hurdled over the hindrance posed by the $0.13 mark.

In a bid to gain deeper perspectives into the imminent price dynamics of XLM, Finbold harnessed the prowess of machine learning algorithms, skillfully integrated within the crypto surveillance and projection domain of PricePredictions, as of August 8.

In line with their predictive models, the forthcoming trajectory of Stellar valuation is envisioned to stabilize at $0.137 by the culmination of August 31. This forecast indicates a marginal price oscillation of approximately 1.5% when juxtaposed with its prevailing market valuation.

XLM price prediction for August 31. Source: PricePredictions

The prediction is based on several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.

XLM price analysis

As of the current composition, the valuation of Stellar rests at $0.139, reflecting an upward surge of over 0.6% within the preceding 24-hour period. Impressively, over the span of the last week, this digital asset has secured a noteworthy decline of more than 5.4%.

XLM 1-week price chart. Source: Finbold

At the present juncture, Stellar showcases a robust support echelon positioned at $0.13096, delineating a strategic price juncture where the impetus to purchase predominates, thereby conceivably thwarting extended downward shifts. 

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Counterbalancing this, the cryptocurrency is confronted by a discernible resistance stratum situated at $0.15168. This pivotal valuation demarcation signifies a critical threshold where the proclivity to vend overtakes the inclination to acquire, possibly impeding any substantial upward advancement. 

Notably, XLM has spent only 14 green days in the last 30 days (47%) with a 24-hour trading volume of $ 289.04 million and market cap of $ 3.79 billion, and market dominance of 0.32%. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets Stellar (XLM) price for August 31, 2023 appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.