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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Stellar (XLM)

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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.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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