Stellar (XLM) Appears Bullish Due to Impressive Intraday Hike

  • Stellar, at the time of penning down this analysis, was trading at $0.0624 against the US Dollar as the price accumulation takes the toll
  • The intraday price of XLM coin has rebounded from $0.060 to $0.062, which helped retain support from 50-day and 200-day daily MA
  • Recent intraday price recovery has led XLM/USD to draw an uptrend with a bullish crossover of MACD on the half-hourly chart
  • Stellar Lumens, to break the overall downtrend that is seen drawing over the past two days, it must break the strong resistance at $0.0650

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

Analyzing the half-hourly chart of Stellar against the US Dollar, we see that the price trend is drawing a fine downtrend yet appears accumulating on the intraday basis. In today’s trading session, XLM coin has gained a notable momentum to rise from daily support of $0.060 to currently trade around $0.0624 with steady support. However, if the candlestick faces a trend aversion, the coin is likely to lose support from 50-day daily MA. Moreover, the trend of the coin is hitting around the upper 20-day Bollinger Band with the gained intraday traction.

The intraday momentum has led the XLM coin to hold a bullish divergence as the MACD line crosses above the signal line, which otherwise was bearish over the past 2 days. Similarly, the RSI of Stellar is seen inclining towards the overbought region at 51.80.

Stellar (XLM) Appears Bullish Due to Impressive Intraday Hike

On the upside, the major resistance to watch out for lies at $0.065 as per the current momentum of Stellar and on the downside the daily support, i.e., $0.060, followed by $0.057, which happens to be the 200-day MA is the major support to observe. According to our XLM predictions, the coin might mark slight correction in the upcoming days before crossing $0.063 mark.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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