Stellar Lumens has kick-started the 2nd month of this year on a rising note, and the recent weekend also witnessed a notable price surge. The XLM coin seems to be resuming the bullish impact this week, too as the coin has escalated from $0.060 to $0.064 over the last 24 hours.
Stellar Price Analysis
XLM holds a support level at 38.20% Fib level, which has been formed today morning. The coin has traced a bullish trendline since yesterday, and it is likely to remain intact.
The coin seems pretty much stable above $0.60 after it traded above the 61.80% Fib level yesterday. Five days ago, the currency had a closing even below $0.060 while it was looking for a support level.
Since then, the XLM coin has been steadily surging. However, it has faced hurdles after it struck a price spike above the 50% Fib level on January 30. The next day, it resumed the uptrend after it found a support level a bit above the 100% Fib level.
It was yesterday when Stellar price went above $0.065, clearing major support levels, with a hike of 9.89% (over around 3 and a half days). XLM has corrected down from there on the same day, and now it is gradually heading to cross the 0% Fib level.
Technical indicators are largely bullish thanks to the current moderate price trend of the overall crypto market. The coin is trading with a buying sentiment showing a positive sign.
RSI indicator is at 51, showing a neutral phase of the coin. The MACD indicator has just entered the bullish zone with a MACD line is above the signal line. Moving averages are noticeably showing positive signs for XLM’s upcoming price trend.
Additionally, the short-term SMA line is well above the long-term SMA line. The 200-day SMA line is likely to come across as a support level. Meanwhile, Stellar coin may soon attempt to test the resistance level near $0.66 if the bullish bias continues.