Stellar (XLM) Gave a Positive Breakout and Surged Around +8.20%

  • Stellar (XLM) breaks a resistance line indicating a bullish momentum in the short term trading at $0.1735 with an intraday gain of +8.20%
  • The pair of XLM/BTC is trading at 0.00000904 BTC with an intraday gain of+5.60%
  • Stellar gave a positive breakout from the descending triangle pattern and sustaining above 50-DMA successfully
Source:tradingview

Stellar (XLM) over the monthly chart, after making a new 52-week high of $0.2297, finally had a positive breakout from the descending triangle pattern on 13th December and currently sustaining above the 9, 21, 50, and 200-Day Moving Averages. In the mid-month of November, a short buying is seen in XLM supported by the volume, and after hitting a new high, a profit booking pulls it to the lower level of $0.1400. Again recovery pulls it to higher levels, but it faces resistance and trading under a descending triangle pattern, and a breakout is observed. The higher side’s resistance is placed at $0.2050 and $0.2300, and on the lower side, support is placed at $1400 and $0.0800. 

Source:tradingview

XLM/USD is trading at $0.1735, with an intraday gain of +8.20%, supported by the last 24-Hours of $737,119,971, and the total market capitalization stands at $3,772,610,065. A golden crossover is seen in the intraday of 50-DMA over 200-DMA indicates positive for the short term. The higher side’s resistance is placed at $0.1800, and support on the lower side is placed at $0.1550. In the last seven days, it is trading with minor gains of +0.25%.

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The Relative Strength Index (RSI), which indicates XLM strength, is trading at 47.47 and still heading towards the oversold zone after a sharp fall from higher levels. 

Directional Movement Index (DMI) is trading with a significance of +DI over -DI, indicating bullish momentum. 

Moving Average Convergence Divergence (MACD) indicates the trend. Currently, it indicates the bearish trend on the intraday chart as it gives a negative crossover with the significance of Bear’s line (red) over Bull’s line (blue) with no sign of recovery.

Support levels: $1400 and $0.0800

Resistance levels: $0.2050 and $0.2300

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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