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- Stellar Price kicked off today’s session on a bullish note by bouncing from a low of $0.27 to a high of $0.44
- The XLM/BTC pair is trailing at $0.00001155 BTC with a gain of 18.71% at press time
- The current price of Stellar is $0.43, established on the back of the 25.93% gains in the last 24 hours
In our previous analysis, we mentioned that XLM is on the threshold of entertaining a bearish crossover as evidenced by the 20 and 50 EMA on the daily chart. While that statement still holds validation, the XLM market turned the table overnight by escalating above the 200 EMA.
Despite the fact that XLM exhibited a bearish exposition yesterday, the price action devised a hammer candlestick at the critical support of $0.36. Along with the bullish reversal candlestick, the price action demonstrated hidden bullish divergence as manifested by the RSI oscillator.
For XLM to retest its previous highs, it needs to steer clear of the 100 EMA which is currently fitting out as temporary resistance. On the contrary, the daily Stochastic RSI has successfully emerged a bullish crossover.
XLM projects bounce back from the 0.232 FIB on the 4-hour chart
The price action on the 4-hour chart is beautifully confined inside the Bullish Harmonic Pattern. This can be confirmed by the fact that the bulls dominated the market by attempting to rebound from the Potential Reversal Zone.
Simultaneously, the Moving Average Convergence Divergence (MACD) transpired a bullish crossover thus directing the histogram inside the positive territory.This was an excellent buying opportunity on account of the price action being in sync with the indicators.
At present, the price action is facing confrontation by the bearish FIB 0.0232 and has taken a halt from the uptrend to retest that particular level as support.
This dictates a healthy momentum and the fact that the bulls have acquired the upper hand.
A decisive close above $0.41 would enable XLM bulls to eye the target of $0.53 which is in confluence with the 0.5 FIB extension and at an elevation of 26% from the current price. However, the prevalence of the bears would dive XLM below $0.49 and invalidate this entire bullish outlook.
Stellar Lumens Protocol 17 Bringing Regulated Assets on the XLM Blockchain
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SUPPORT : $0.36, $0.41
RESISTANCE : $0.53
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
