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Stellar (XLM)

Stellar (XLM) Smashes Crucial Resistance: $0.12 Could Be Next

Aayush Jindal by Aayush Jindal
3 years ago
in Stellar, Technical analysis
Reading Time: 2 mins read

Stellar (XLM) gained a strong bullish momentum and broke the $0.0980 resistance against the US Dollar. XLM price is showing bullish signs and it might continue to rise towards $0.1200.

  • There was a sharp upward move from the $0.0880 support zone against the US dollar.
  • The price broke the main $0.0980 resistance area and traded to a new monthly high at $0.1053.
  • There is a key bullish trend line forming with support at $0.0950 on the 4-hours chart of the XLM/USD pair (data source from Coinbase).
  • The pair is likely to continue higher towards $0.1200 as long as it is above $0.0950.

Stellar (XLM) Surges 8%

In the past few days, stellar (XLM) formed a strong support base above the $0.0850 level against the US Dollar. It started a fresh increase above the $0.0920 and $0.0950 resistance levels (outpacing bitcoin, ETH and ripple).

It opened the doors for more gains above the main $0.0980 resistance and the price settled well above the 100 simple moving average (4-hours). The bulls pushed the price above the $0.1000 level and a new monthly high is formed near $0.1053.

XLM is currently consolidating gains near the $0.1020 level. An immediate support is near the 23.6% Fib retracement level of the recent rally from the $0.0887 low to $0.1053 high.

Stellar (XLM)

Stellar (XLM) price above $0.1000. Source: TradingView.com

There is also a key bullish trend line forming with support at $0.0950 on the 4-hours chart of the XLM/USD pair. The trend line is close to the 50% Fib retracement level of the recent rally from the $0.0887 low to $0.1053 high.

On the upside, the $0.1050 level is an immediate resistance. A successful break above the recent high could open the doors for more gains towards the $0.1120 and $0.1200 levels in the coming days.

Uptrend Support

If XLM price corrects lower, the bulls are likely to protect the $0.1000 and $0.0980 support levels. The main uptrend support is near the $0.0950 level (the previous breakout zone).

A downside break below the $0.0980 and $0.0950 support levels may perhaps initiate a larger decline towards the 100 simple moving average (4-hours) or $0.0800.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 60 level.

Major Support Levels – $0.1000, $0.0980 and $0.0950.

Major Resistance Levels – $0.1050, $0.1120 and $0.1200.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tags: stellarXLMxlmusdxlmusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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