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Stellar Price Analysis: XLM Price Rebound After Testing 100-DMA

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  • XLM token price bounced well from the 100-Day moving average after witnessing profit-taking from the new 52-week high 
  • Steller is currently holding all the major and crucial moving averages of 20, 50, 100, and 200-Day, while volume is still a concern. 
  • The pair of XLM/BTC is trading under pressure with an intraday drop of -5.60%, standing at 0.000009083 BTC. 
Source: tradingview

Stellar price builds a very bullish chart structure over the monthly chart and trades with a beautiful chart pattern of higher highs, and lower low indicates its positive momentum. However, the volume is a significant concern on the yearly chart, and the decreasing volume activity is no comfort for trading.

Meanwhile, the overall long-term chart pattern is positive until the coin holds all moving averages with no crossovers. Likewise, the coin currently has the SMA of 20 and 50-Day, after a sharp rebound from lower levels. Whereas support on lower levels is situated at $0.4700 (50-DMA) and $0.4200 can be considered as a good support level, on the other hand, resistance at the higher side is $0.610 and $0.690. 

XLM on technical indicators  

Source: tradingview

Stellar token price at the lower time frame also indicates its bullish momentum, followed by the rising trend line. Since the coin follows the support line and breaches, we could see some selloff in upcoming sessions. However, if XLM manages to sustain above the line, we can see a good upside from $0.5500 to $0.5800. 

Similarly, support on the daily chart is placed at $0.4800 and $0.4450, whereas resistance on the higher side is $0.5450 and $0.5680. The coin is currently trading at the price level of $0.5210 with minor intraday gains of +0.62%, and volume jumped nearly +16.46%, standing at $1,307,113,806. 

Relative Strength Index (RSI) indicates weakness in XLM while trading at 58.35. Currently, it is aiming towards the oversold zone after falling from the overbought zone. A short-term selloff is expected as it is trading near the overbought zone.

Moving Average Convergence Divergence (MACD) currently indicates the bearish trend on the weekly chart as it gives a negative crossover with the significance of Bear’s line (red) over Bull’s line (green).

Support levels: $0.4700 and $0.4200

Resistance levels: $0.610 and $0.690

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