- XLM shows a rebound from the support mark of $0.0850.
- Bulls attempt for a bounce and continue to rescue the gains.
Stellar price rebounded from the support mark in the last trading session. XLM price attains momentum and begins a reversal after holding at the $0.800 support level. Stellar price recovered in the previous week and bounced with decent volume. This reversal showed buyers’ activation and brought strength again.
However, the price action showed a breakdown in the past week, and sellers showed their strength resulting in a decline in XLM price.
Buyers were trying to sustain above a 50-day EMA to begin fresh buying in the coin. However, buyers maintained strength above 20-day EMA and prepared to break the neckline of the symmetrical triangle pattern to fetch $0.1000 for a fresh uptrend, which buyers continue to try.
The ongoing trend suggests that XLM, if it continues follow-up buying from there, has an immediate hurdle of $0.0960, which, if surpassed, strong momentum will be there, and more upside towards the trajectory till $0.1000 can be seen.
When writing, XLM trades at $0.09019 with an intraday gain of 0.77% showing neutral indications. Moreover, the pair of XLM/BTC is at 0.00000033 BTC, and the intraday trading volume increased by 2.70% to $98.61 million. The day high of XLM is $0.09157, and the day low is $0.08883. The market cap of XLM is $1.82 Billion.
Daily Charts of XLM
On the daily charts, Stellar price attains fresh momentum, and buyers actively make long positions in the coin. Buyers get pace when the coin rides a reversal from the support mark and forms a symmetrical triangle pattern. Moreover, mighty bears were trapped in the past trading session and become cautious now. Buyers showed their presence and registered an up move.
As price action on charts shows a breakout of the Bollinger band, the price cracks and starts to float above the upper Bollinger band, indicating a rise in buyers’ strength.
Short term outlook of XLM
On the 4-hour charts, XLM price is showing bullish cues with getting conviction from volumes in the intraday charts.
The price action showed fresh reversal on charts in the past trading sessions, and bulls are now meeting with the gains. Moreover, buyers enjoyed this surge in price.
The RSI flew sharply above the overbought zone, but showing retracement in the intraday session indicates profit booking has started.
The MACD crossover still showed green bars on the histogram and persisted in giving bullish indications.
Conclusion:
XLM price is looking for a fresh uptrend and continues to lift the gains above the 20-day EMA, attaining momentum in the past few trading sessions.
Technical levels
Resistance levels: $0.09200
Support levels: $0.08500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
