Stellar Breaks Long-Term Resistance, Recovery Underway?
April 11 2023 - 3:05PM
NEWSBTC
Over the past few trading sessions, Stellar has attempted to
advance on its chart. Within the last 24 hours, XLM experienced a
close to 4% appreciation in value. However, on the weekly chart,
Stellar did not observe any price increase. Nonetheless, the
altcoin has finally surpassed its multi-week resistance level, and
its technical outlook appears bullish at the time of writing.
Related Reading: Why Is Ethereum (ETH) Still Trading Below $2,000?
The buying strength and demand for XLM have surged as accumulation
rose on the chart. Furthermore, the altcoin has increased above its
bearish order block, previously below the $0.094 price mark. The
demand must remain consistent on its chart since the overhead
resistance mark remains crucial for the altcoin. Assuming that XLM
surpasses the $0.100 price mark, it is likely that the recovery is
underway. With Bitcoin increasing by 7% on its daily chart, other
altcoins have also indicated positive price movements on their
respective charts. Additionally, the market capitalization of XLM
has registered an upward movement showing an increase in demand.
Stellar Price Analysis: One-Day Chart At the time of writing, XLM
was trading at $0.106. Buyers were activated as Stellar entered the
$0.100 zone, and a move above the overhead resistance could take
XLM to the overbought territory. The immediate resistance was
$0.108, and breaking above this mark would pave the way for XLM to
target $0.113. The amount of XLM traded during the last session was
green, indicating increased buying strength. Conversely, support
for Stellar stood at $0.102 and then at $0.098. If XLM falls below
$0.098, it could bring the bears back. Technical Analysis Following
its crossing of the $0.100 mark, the altcoin has recently
experienced an upward movement on its chart. The Relative Strength
Index was above the 60-mark, indicating strong demand on the chart.
Similarly, XLM has risen above the 20-Simple Moving Average line as
demand surges. These trends suggest that buyers are in control and
are driving the price momentum in the market. Price reversal,
however, could occur as the 200-SMA line may cross over the 50-SMA
line, resulting in a death cross. This could cause the altcoin to
dip on its chart. On the one-day chart, XLM has formed sell signals
in line with a possible death cross. The Moving Average Convergence
Divergence has depicted price momentum and reversal, with red
signal bars indicating sell signals. Related Reading: Polkadot
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Price? The Parabolic SAR, which portrays the price direction, has
dotted lines appearing above the price candlestick, indicating the
beginning of a downward trend. However, this impending reversal may
be brief if buyers maintain their confidence. Featured Image From
UnSplash, Charts From TradingView.com
Stellar Lumens (COIN:XLMUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Stellar Lumens (COIN:XLMUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024