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- XLM coin price boosted 30% after taking support from trendline as well as 0.5 Fibonacci level
- Currently, the coin price has previously fallen 40% from the $0.6868 level before the price jump and is now trading just above the 50 EMA in the daily timeframe
- The XLM/BTC pair is trading at 0.000009009 with an intraday loss of 4.53%
Source- tradingview
XLM coin price fell more than 50% before taking support from the trendline and the 0.5 Fibonacci level, i.e., of $0.40. The coin price made a morning star pattern with engulfing green candlestick at the trendline, implying the start of an uptrend. The increasing buying volume in comparison with the declining selling volume does imply that bulls are more powerful. The live Stellar price today is $0.494969 with a 24-hour trading volume of $1,203,140,133. Stellar is down 5.06% in the last 24 hours. The live market capitalization of the coin is $11,348,838,962.
Golden Bullish Crossover expected to boost coin price
Source – tradingview
XLM has performed a breakout of a resistance trendline and crossed over major EMAs.
Along with the trendline, the coin price has given a breakout of the $0.47 level. The coin price has performed a short pullback indicating a retest of the breakout. The price has faced resistance from the $0.54 level twice, making it an important immediate resistance level. The support levels of $0.47 and $0.40 are the immediate support level.
As per the 4-hour timeframe, the recent expected bullish crossover of 50 (yellow) and 200 (white) EMA indicates an uptrend, and the coin price driving back down can be considered a retest of the breakout. 50 EMA could provide support and boost the price up.
The RSI (slightly bearish) indicates slight bearish momentum while trading at 56.40. The RSI line is dipped and is now heading to the oversold zone.
The ADX indicates a static momentum as it is trading at 19.9 while the slope in ADX is dipping.
Conclusion – XLM coin price is exhibiting a retest of the breakout of the resistance trendline suggesting the start of an uptrend. The bullish crossover will boost the price after successful retest completion. However, the increase in selling volume is something that can change the course of the trend. Hence, early traders must be careful.
Support- $0.47 and $0.40
Resistance- $0.54 and $0.65
Vishal
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
