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- 1 XLM coin price has been showing erratic price movement as it consolidates in a narrow range.
- 2 The XLM coin price is forming a symmetric triangle pattern on a daily time frame.
- 3 The pair of XLM/BTC is trading at the price level of $0.00000329 with a bullish move of 1.28% in the past 24 hours.
XLM coin price has shown strong momentum over the last few trading days as it managed to bounce off the demand zone following strong bullish pressure. As of now, the coin price is forming a bullish price structure on an hourly time frame. The XLM coin price is trading at $0.853.
XLM Coin Price Forms Positive Price Structure
XLM coin price is forming a positive price structure as it forms higher high and higher low price structure on the one hour time frame. Currently, the price is trading above the key 50- and 100-day Moving Averages. This comes after the coin price broke these MAs leading to a strong rally. Moving upward, these MAs can be seen acting as a strong demand zone.
XLM coin price is currently trading at the upper band of the bollinger band indicator amid strong bullish pressure. Since then, the coin price has surpassed the important 15 EMA acting as a strong demand zone for a short term. Volumes increased as the coin price rose to the supply zone leading to increase in volatility. Investors should remain cautious and wait for a clear trend.
XLM Coin Price is Forming a Symmetrical Triangle Pattern on a Daily Time Frame
RSI curve is currently transacting at 50.91. This comes after the coin price bounced from the demand zone after which the RSI curve crossed the halfway mark of 50. If the coin price breaks the supply zone with a strong bullish pressure, then the RSI curve can be seen rising to the overbought zone indicating bullishness.
MACD indicator triggered a positive crossover as soon as the coin price rose to the supply zone. The blue line crossed the orange line on the upside indicating strong bullishness. It remains to be seen if the coin price will break the supply zone or face pressure and fall below. MACD lines can be seen enlarging, supporting the trend.
Conclusion: XLM coin price has risen to the supply zone following strong bullish pressure. Technical parameters suggest that a bullish move is likely to prevail in the market. It remains to be seen if the coin price will break the supply zone or face a strong bearish pressure and fall back to the demand zone.
Support: $0.071 and $0.075
Resistance: $0.089 and $0.098
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
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.
