XLM Eyes a Slow Recovery; Corrects After a 61% Price Hike

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The crypto market, just like every other market across the globe right now, is still not ready enough to come out of the shock that it has been receiving for the last one week. However, even after a massive price plunge below $5000, Bitcoin has at least attempted to remain above $5000.

It seems Stellar Lumens is also trying to imitating the same. It has bottomed today even below its 52-week low price level amid the intensely volatile market. Over a day only, XLM coin has broken major support levels near $0.040 and $0.030; even $0.027 was tested today.

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It is to be noted that the coin opened yesterday above $0.05, which was the highest price point of the day. The XLM coin has pulled its support levels as low as $0.027, which shows a sizable loss.

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XLM/USD Chart By TradingView

The steep fall of the price has recently been halted. Stellar has seen two falling impulse wave noting extreme volatility. Also, the short-term SMA line is likely to move above the long-term SMA line, which shows a (one and only) positive sign for the coin. Moreover, MACD has entered the bullish zone lately with its MACD line on the upside.

XLM News

Today morning was visibly volatile for the market today. After the coin recovered by 62%, the XLM price pulled back from $0.044 to $0.035. In today’s chart, the coin has just climbed above the EMA line.

Considering how the coin has started to rebound today, the crypto community is reacting to this positively.

Apparently, Stellar has started giving positive signs after it recovered above $0.044 today. Although the current market situation and the ongoing Coronavirus threat can put hurdles against a full market recovery. Also, the current circumstances are perhaps pushing people to hold their investment right now.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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