Charted: Stellar (XLM) Skyrockets, Why Break Above $0.20 Seems Likely

2020-11-24 10:18

Stellar (XLM) surged over 70% in the past three sessions and it broke the $0.1800 resistance against the US Dollar. XLM price is likely to continue higher towards $0.2000 or $0.2200.

There was a sharp upward move above the $0.1500 resistance against the US dollar. The price cleared many hurdles near $0.1650 and settled well above the 100-day simple moving average. There was a break above a crucial contracting triangle with resistance near $0.0882 on the daily chart of the XLM/USD pair (data source from Coinbase). The pair is likely to continue higher towards $0.2000 and $0.2200 as long as it is above $0.1650. Stellar (XLM) is Up 70%

In the past few days, there was a strong rise in bitcoin, Ethereum and ripple. As a result, stellar (XLM) also formed a strong support near $0.0700 before starting a fresh increase against the US Dollar.

To start a strong increase, there was a break above a crucial contracting triangle with resistance near $0.0882 on the daily chart of the XLM/USD pair. The pair gained pace above the $0.1000 and $0.1200 resistance levels.

The price gained pace above the $0.1500 level and the 100-day simple moving average. It even broke the $0.1800 level and traded to a new multi-month high at $0.1952. Stellar’s XLM price is currently correcting lower and trading below $0.1900.

Source: XLMUSD on TradingView.com

An initial support is near the $0.1800 level. The first key support is near the 23.6% Fib retracement level of the recent increase from the $0.0725 low to $0.1952 high.

If there is a larger decline, the price could decline back towards the $0.1350 level. It is close to the 50% Fib retracement level of the recent increase from the $0.0725 low to $0.1952 high. Any more losses could lead the pri towards the $0.1200 support zone (the recent breakout zone).

More Upsides in XLM

If XLM price remains elevated, there are chances of more upsides above $0.1900. The next key resistance is near the $0.1950 level, followed by $0.2000.

A clear break above the $0.2000 resistance level may perhaps open the doors for more gains above $0.2050. The next major hurdle for the bulls could be near the $0.2200 level.

Technical Indicators

Daily MACD – The MACD for XLM/USD is strong placed in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for XLM/USD is currently into the overbought zone.

Major Support Levels – $0.1700, $0.1650 and $0.1600.

Major Resistance Levels – $0.1900, $0.1950 and $0.2000.

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Stellar (XLM) на Currencies.ru

$ 0.1081 (-0.13%)
Объем 24H $41.14m
Изменеия 24h: -0.78 %, 7d: 1.92 %
Cегодня L: $0.1081 - H: $0.1084
Капитализация $3.13b Rank 35
Цена в час новости $ 0.1652 (-34.56%)

xlm likely above stellar continue higher price

Источник: newsbtc.com

xlm likely → Результатов: 36


Фото:

XLM Initiates a Strong Bounce at the Range Low

On January 14, the XLM price reached a low of 572 satoshis. It has been increasing since, reaching a high of 751 satoshis on January 19. However, the rally seems to have stalled. The bearish short-term pattern suggests that the XLM price is likely to revisit its breakout level at 660 satoshis before resuming the […] The post XLM Initiates a Strong Bounce at the Range Low appeared first on BeInCrypto.

2020-1-20 21:18


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