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- 1 The XLM price is currently trading at $123.00 while seeing a change of 7.39% in 24-hour trading volume.
- 2 The XLM price is observing a decline of 0.71% in the last 24 hours.
- 3 The XLM price made a breakout through the 200 EMA on Daily Timeframe.
Despite the bullish sentiments in the overall market, the XLM price has been trading under the 200 EMA in a bear trend for the last few months. It recently took a sharp dropdown, wherein the XLM price saw a bearish correction of 25%. After finding support from the $0.700 price, the XLM token made a higher high and higher low pattern. It changed its trend in favor of the bull’s, and crossed above its recent resistance. The Stellar price is now making a breakout.
XLM price made a breakout through the 200 EMA on the (Daily Timeframe)
The overall market sentiments are currently in the greed zone near 57 points within the Greed and Fear Index while observing an increase of 7 points since the last month when the market was trading at 50 points, according to the Alternative(dot)me. Sellers are overwhelming the XLM price by around 52 to 56%, as per the Coinglass site.
Technical Analysis ( 1 Day Timeframe )
The XLM price recently made a golden EMA crossover where the price, after crossing above the 20/50/100 EMA, made a breakout above the 200 EMA. As of now, the faster-moving key averages are making an EMI convergence, which is often found before a big breakout. These breakouts can be either or bearish, but in the Stellars’ instance, the price is currently trading above the 200 EMA. Hence the chances are that after this breakout, the EMA’s divergence can be bullish.
If the buyers support the price above the 200 EMA and the faster-moving averages 20/50/100 EMA give a bullish crossover, chances are that the price will make an extremely bullish move while moving on an uptrend. Its most recent resistance is 24% above the current price of around $0.1300, while its recent support level is around $0.0960.
The RSI line is currently moving above the oversold level while taking constant support from the 14 SMA. The current RSI value is 70.39 while the 14 line is trending above the median line around 57.80 points. The RSI line moving in the oversold levels suggests that it may make a bearish correction.
Technical levels –
Support –$0.0960
Resistance – $0.1300
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.
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.
