Tag: Xlmusd

Market Watch: Bitcoin Fails To Break $34K As DOGE Goes 10x

by CryptoPotato

After another brief drop beneath $30,000, BTC bounced off and even headed above $34,000. Most altcoins have also added some value, and the market capitalization has increased $80 billion in a day.

BTC Spikes To $34K

CryptoPotato reported that the primary cryptocurrency had issues remaining above certain price thresholds in the past few days. BTC’s inability to breach above $35,000 earlier this week drove the cryptocurrency south and even dipped below $30,000 on a few occasions.

However, the bulls took charge after the last such drop and pushed the asset north. In the following hours, bitcoin gained about $5,000 of value to an intraday high of $34,500.

Nevertheless, BTC couldn’t spike any further for now and has retraced to approximately $32,000.

The technical indicators suggest that bitcoin has dipped beneath the first support at $32,500 and could rely on the next ones at $30,750 and $30,000 in case the correction continues.

Alternatively, if the bulls regain control again, they would have to overcome the resistance lines at $34,000, $34,450, and $35,800.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Total Market Cap Eyes $1T

Most alternative coins have mimicked BTC’s recent performance, including the price drop. Naturally, as bitcoin bounced off in the past 24 hours, so have the alts. Ethereum reclaimed $1,300 and currently stands above it after a 2% increase.

Bitcoin Cash (3%), Litecoin (4%), and Cardano (3%) are in the green, while Chainlink (-2%) and Polkadot (-1%) are slightly in the red. Ripple has added 7% to $0.27.

However, Dogecoin, the most recent example of retail investors’ power initiatives, has entered the top ten with a triple-digit daily surge. As CryptoPotato reported, the cryptocurrency increased its price by a factor of 10x before retracing to its current level.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Interestingly, there’s another representative of the triple-digit price increase club – Fantom. FTM has added over 110% of value in the past 24 hours and nearly 600% in the past seven days to $0.18.

Other impressive gainers include Voyager Token (50%), Verge (44%), Siacoin (42%), Terra (40%), SwissBorg (34%), Quant (33%), Nano (32%), Stellar (21%), and more.

Ultimately, the total market cap has increased by about $80 billion since yesterday’s low to $960 billion. It even jumped to $1 trillion, but the subsequent retracement drove it to the current level.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bitcoin Price Battles for $36K As Market Cap Reclaims $1 Trillion (Market Watch)

by CryptoPotato

BTC’s somewhat adverse weekend ended with the asset bottoming below $34,000, but bitcoin has bounced off since then and topped $36,000. New all-time highs for Binance Coin and Chainlink have helped the market cap to conquer the coveted $1 trillion level again.

Bitcoin Tops $36K

The primary cryptocurrency was riding high above $38,000 before the weekend, but the bears didn’t allow any further increases. Just the opposite, they drove BTC’s price south on a few occasions.

The asset dipped to $34,500 before recovering rather quickly to $38,000. However, bitcoin failed to maintain its price at such a high level and dumped once again. This time, it bottomed below $34,000 (on Bitstamp).

Nevertheless, the cryptocurrency has regained some traction since then and currently trades above $36,000. This was the first major resistance level in BTC’s way up, according to the technical aspects.

The following obstacles are situated at $36,700, $38,000, $39,700, and $40,000. Alternatively, BTC could rely on the support levels at $34,800, $34,000, and $33,130 if another retracement arrives.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

New ATHs For BNB And Link

Most large-cap altcoins have remained relatively steady on a 24-hour scale. Ethereum, Ripple, Bitcoin Cash, Polkadot, Cardano, and Stellar have shown little-to-no movements. As a result, ETH is at $1,220, XRP – $0.28, BCH – $480, DOT – $17.5, ADA – $0.38, and XLM – $0.3.

However, Chainlink and Binance Coin have stolen the show with massive gains and new records. LINK has exploded by almost 10% and painted a new all-time high above $23 earlier today.

Just a day after Binance announced the 14th token burn, the native cryptocurrency of the leading exchange went for a new record of nearly $47.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from lower- and mid-cap altcoins. The Graph leads the way with a 40% surge. Aragon (37%), Horizen (34%), OMG Network (33%), Kusama (30%), Waves (28%), Curve DAO Token (20%), Ocean Protocol (18%), Voyager Token (15%), Solana (13%), and Yearn.Finance (12%) follow.

More impressive is what happened to the DeFi space in the past couple of days. Since January 16th, the total value locked in various protocols increased by about 10% and currently sits above $24 billion. Over the past 24 hours, numerous tokens have charted massive increases. Apart from the ones included above, some of the other ones include the first version of YAM which is up by almost 100%, Swerve’s SWRV is up by 75%, and CREAM – by more than 30%.

Overall, the crypto market cap has overcome the $1 trillion mark after dipping to $960 billion yesterday.

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Market Watch: Polkadot (DOT) Replaced Ripple on The Top 4, Chainlink (LINK) New All-Time High

by CryptoPotato

Following an unsuccessful attempt to overcome the $40,000 price tag over the past two days, BTC headed south once again to an intraday low of about $34,500. Simultaneously, while most alternative coins were in the red, the two large-caps – Chainlink and Polkadot – have both exploded to new all-time highs.

Bitcoin Dips To $34.5K But Quickly Recovers

The primary cryptocurrency managed to recover the losses following a “Black Monday” style crash that drove it back to the $30K price area in a matter of a day. On Thursday, only three days later, BTC took a swing at $40,000.

There, the bears took charge and drove it south once more. In the following hours, bitcoin started gradually decreasing in value before a sharp dump to an intraday low of below $34,500 (on Bitstamp), while U.S. stock markets’ leading indices were also in the red.

Nevertheless, the cryptocurrency bounced off and currently trades around $37K.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


Despite the correction to $34,500, and in light of the recovery, the crypto analytics company Santiment noticed that the daily active addresses and the trading volumes had sustained high levels, thus “creating a bullish divergence.”

Bitcoin Address Activity / Volume. Source: Santiment
Bitcoin Address Activity / Volume. Source: Santiment

DOT Replaced Ripple: Chainlink Breaks ATH

Most alternative coins mimicked BTC’s highly-volatile week, including the retracement in the past 24 hours. Ethereum has dropped by 3%, trading slightly above $1,200, while XRP is down to $0.28 after a 3% decrease.

Bitcoin Cash (-3%), Litecoin (-3%), and Stellar (-2%) are also in the red.

In contrast, Polkadot has doubled-down on its recent impressive performance with another all-time high. DOT neared $15 yesterday but has surpassed that level for its newest record of over $15.7, as of writing these lines.

DOT is now the 4th largest crypto by market cap, surpassing Ripple (XRP). DOT’s market cap is $14.8 billion, according to CoinGecko.

Chainlink had also exploded in value: its native token, LINK, had increased by 50% in just a week. On a 24-hour scale, LINK has gained 20% and reached a new ATH of over $22.5.

jan16coins-min
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from mid and low-caps: IOST (50%), The Graph (30%), Curve Dao Token (28%), Ocean Protocol (27%), Aave (25%), Energy Web Token (24%), Band Protocol (22%), Hedera Hashgraph (17%), Basic Attention Token (14%) and more.

Hence, despite the losses marked by BTC and other large-cap altcoins, the total market cap has remained above the coveted $1 trillion mark.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Stellar Price Analysis: After 50% Weekly ROI, XLM Facing Important Resistance at $0.3

by CryptoPotato

XLM/USD – Bulls Defend Support at $0.27

Key Support Levels: $0.27, $0.257, $0.224.

Key Resistance Levels: $0.3, $0.325, $0.35.

XLM seems to be holding strong at the $0.27 support over the past three days after it surged as high as $0.45 last week. The cryptocurrency could not break a daily candle above $0.35 and started to head lower from there. Nevertheless, it’s up about 50% since the open seven days ago and it’s now facing an important resistance.

During the BTC intra-day price drop on Monday, XLM fell as low as $0.2 but quickly recovered to close the daily candle above $0.27. It has since pushed higher toward $0.286 but is trading beneath a short term falling trend line, which will need to be penetrated to head higher.

xlmusd-jan13
XLM/USD Daily Chart. Source: TradingView

XLM-USD Short Term Price Prediction

Looking ahead, if the bulls break the current falling trend line, the first level of resistance lies at $0.3. This is followed by $0.325, $0.35, and $0.373 (1.272 Fib Extension). Additional resistance lies at $0.4, $0.418 (bearish .382 Fib Retracement), and $0.442 91.618 Fib Extension).

On the other side, the first level of support lies at $0.27. This is followed by $0.257 (.5 Fib), $0.224 (.618 Fib), and $0.2.

The daily RSI remains above the mid-line and has dropped from extremely overbought conditions, giving the market breathing space to push higher again.

XLM/BTC – Stellar Holding Strong Above 200-days EMA

Key Support Levels: 800 SAT, 740 SAT, 700 SAT.

Key Resistance Levels: 935 SAT, 1000 SAT, 1090 SAT.

Against Bitcoin, XLM had also surged as high as 1150 SAT last week. More specifically, it could not close a daily candle above resistance at 935 SAT (bearish .618 Fib Retracement). From there, it started to head lower toward the end of last week until support was found at 740 SAT (200-days EMA & .5 Fib).

It held this support for five days and rebounded from there yesterday. It is now trading above a steeply rising rend line at around 840 SAT.

xlmbtc-jan13
XLM/BTC Daily Chart. Source: TradingView

XLM-BTC Short Term Price Prediction

Moving forward, if the buyers push higher, the first level of resistance lies at 935 SAT (bearish .618 Fib). This is followed by resistance at 1000 SAT, 1091 SAT (bearish .786 Fib), and 1184 SAT (bearish .886 Fib).

On the other side, the first level of support lies at the rising trend line, around 800 SAT. Beneath this, support lies at 740 SAT (200-days EMA), 700 SAT (100-days EMA), 650 SAT (.618 Fib), and 590 SAT (March 20 low).

Likewise, the RSi has pulled back from extremely overbought conditions and is now pushing higher as the bullish momentum increases again.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Market Watch: Huge $1000 Price Moves As Bitcoin Remains Indecisive

by CryptoPotato

Despite yesterday’s attempt to resume its bull run, bitcoin has failed to increase in value and has stalled beneath $35,000. Most alternative coins have also bled out, and the market capitalization has expanded the gap to the coveted $1 trillion mark.

Bitcoin Fails To Recover Completely

The primary cryptocurrency experienced its worst price drop on Monday since the liquidity crisis in mid-March 2020. Bitcoin fell by nearly $12,000 (or almost 30%) in a day to a low of just above $30,000.

Nevertheless, BTC bounced off immediately and recovered some of the losses during yesterday’s trading session. The asset reached an intraday high of over $36,500, but the bears intercepted the move and drove the price back down to $32,500 on two occasions.

Following a few more fluctuations, the cryptocurrency has increased slightly, but it still trades beneath $35,000 and is 4% down since yesterday.

From a technical viewpoint, BTC has to overcome the resistance lines at $36,360, $37,150, and $38,000 to head towards $40,000 once again. In contrast, the support levels at $34,000, $32,500, $32,000, and $30,000 could assist in case of another retracement.

In any case, these $1,000 moves that happen every few hours show that bitcoin’s price continues to be rather indecisive. The next few days will be very important to see whether or not the correction is over.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

More Blood On The Altcoin Street

Most alternative coins mimicked BTC’s recent performance with a vigorous price drop on Monday and a brief recovery session yesterday. In the past 24 hours, though, they have lost considerable chunks of value as well.

Ethereum is 6% down since yesterday to $1,070. Ripple (-2%) trades beneath $0.30. Bitcoin Cash (-5%), Binance Coin (-3%), Chainlink (-6%), Cardano (-4%), Litecoin (-5%), and Stellar (-4%) are also in the red.

The only exception from the top ten is Polkadot. DOT has increased by 5% on a 24-hour scale and has neared $9.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Reserve Rights (-14%), Nano (-11%), Horizen (-11%), Neo (-11%), Dogecoin (-10%), Elrond (-10%), Decred (-10%), Maker (-10%), and Band Protocol (-10%).

The cumulative market capitalization of all cryptocurrency assets has fallen to $920 billion after a $60 billion decline in a day.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?

by NEWSBTC

Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets.

The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows.

Fundamentals

Stellar primarily benefited from its accessible upside fundamentals. The open-source blockchain project lately emerged as a viable alternative to its top rival Ripple Labs. Ripple, a San Francisco-based payment firm, landed in a legal controversy with the US Securities and Exchange Commission (SEC) over the alleged illegal sale of its native token XRP.

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Meanwhile, traders assessed Stellar entering a high-profile partnership with the Ukrainian government to digitize their national currency.

“We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem,” Denelle Dixon, CEO and executive director of the Stellar Development Foundation, said in an accompanying press release.

The prospects of greater Stellar integration into a country’s digital finance ecosystem partially allowed XLM to absorb the sell-off pressure during the weekend and Monday session. That may have helped the token log an attractive recovery rally on Tuesday.

XLM Technical Outlook

The XLM/USD exchange rate on a four-hour chart showed the pair in a short-term corrective downtrend following its 274 percent rally from the December 23 low of $0.11.

In doing so, it appeared to have formed a Bullish Flag, a small continuation pattern that appears when an asset consolidates before resuming its move to the upside. The price typically breaks out by as much as the length of the previous rally, otherwise known as “Flagpole.”

Stellar Lumens, XLMUSD, XLMBTC, Bitcoin, XRP
Stellar logs the best recovery rally in the last 24 hours among top-cap coins. Source: XLMUSD on TradingView.com

That puts XLM/USD’s breakout target near $0.535.

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Bitcoin Price Reclaims $36K As Crypto Market Cap Eyes $1 Trillion Again (Market Watch)

by CryptoPotato

After the severe crash that drove BTC to about $30,000, the cryptocurrency has recovered some losses and reclaimed $36,000. Most alternative coins have also bounced off yesterday’s lows as the market cap looks to reconquer the $1 trillion level.

Bitcoin Back Above $36K

Following the highly positive first ten days of the new year, BTC headed for its worst 24-hour correction since the mid-March 2020 liquidity crisis.

The primary cryptocurrency sat near its all-time high of $42,000 before the bears pushed it down. Ultimately, bitcoin lost almost $12,000 of value during yesterday’s trading session and bottomed at just above $30,000.

Nevertheless, the bulls intercepted the move at this point and didn’t allow any further declines. Just the opposite, BTC started regaining value in the following hours.

As of writing these lines, the cryptocurrency has recovered about half of the lost value and sits above $36,500.

From a technical perspective, BTC has to overcome the next resistance lines at $37,150, $38,000, and $39,000 to resume its bull run. Alternatively, the support levels at $34,000, $32,500, $30,700, and $30,000 could assist in case of a price breakdown.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Take A Breather

Most alternative coins lost even more value than their leader. However, they have started the recovery sessions, similarly to BTC.

Ethereum bottomed below $1,000, but it has jumped by about 7% on a 24-hour scale and currently trades at $1,145.

Bitcoin Cash (4%), Binance Coin (2.4%), Chainlink (7%), and Litecoin (5%) are also in the green.

However, Ripple, Polkadot, Cardano, and Stellar have gained the most from the top ten. XRP has added 13% of value to above $0.30, DOT has jumped by 11% to $8.5, ADA (15%) to $0.31, and XLM has skyrocketed by 25% since yesterday to $0.31 as well.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The lower- and mid-cap altcoins have bounced off even harder. Nano and Horizen lead with 45% gains. IOST (29%), Avalanche (28%), Blockstack (25%), NXM (24%), Quant (19%), Synthetix (17%), Compound (17%), Maker (14%), and Theta (14%) are just some of the double-digit price increase reps.

In total, the cumulative market capitalization has added $150 billion since yesterday’s low and has neared the coveted $1 trillion mark again.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Black Monday: Over $200 Billion Erased From The Market Cap As Bitcoin Crashes Below $33K

by CryptoPotato

It seems that the long-anticipated cryptocurrency correction has finally materialized as over $200 billion vanished from the market cap. Bitcoin plummeted to below $33,000, while most alternative coins have it even worse with massive double-digit price drops.

Bitcoin Loses $9K In A Day

After a highly volatile and positive first ten days of the new year, in which BTC broke above $40,000 for the first time and charted an all-time high of $42,000, the cryptocurrency headed south.

During the weekend, BTC was hovering above $40,000 again and even hinting at a new breakout. However, the situation quickly changed in the past 24 hours as the bears took charge.

Bitcoin firstly dropped to about $35,000 (on Bitstamp) before it bounced off to north of $39,000 hours later. However, the price declines weren’t over – this time, BTC lost even more value.

Bitcoin’s intraday low came at $32,400, making it a 24-hour price drop of about $9,000 from yesterday’s high. Nevertheless, the asset has recovered some of the losses and currently trades at $35,500.

One possible reason behind these developments could be that the giant banking institution HSBC had reportedly blocked transactions from crypto exchanges for UK investors.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoin Bloodbath

As it typically happens during a massive correction, the altcoins have it just as bad if not worse than BTC. After yesterday’s significant gains, most alternative coins have dumped by double-digits today.

Ethereum was just inches away from painting a new all-time high yesterday, but it has dropped by 17% to $1,100 today. Ripple was on its way to recover some of the substantial losses following the SEC charges, but another 20% decline has taken XRP to $0.28.

Bitcoin Cash (-20%), Binance Coin (-10%), Chainlink (-17%), Polkadot (-17%), Cardano (-17%), Litecoin (-21%), and Stellar (-20%) are also deep in the red.

EOS is down by more than 30% after Dan Larimer resigned as CTO from the company behind the blockchain project – Block.one.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further declines are evident from Maker (-35%), Bitcoin SV (-33%), Nano (-30%), Status (-28%), Verge (-27%), NXM (-27%), Loopring (-25%), Band Protocol (-25%), Crypto.com Coin (-25%), and more.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has plummeted by more than $200 billion to below $900 billion.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Market Watch: Ripple (XRP) Surges 30% as Bitcoin Neared $38K

by CryptoPotato

Another day and another all-time high of bitcoin – this time, the cryptocurrency came just inches away from $38,000. The entire market also broke down a significant milestone by reaching $1T following impressive double-digit gains from Ripple, Chainlink, Cardano, Stellar, and more.

Bitcoin’s Latest ATH Nears $38K

It’s safe to say that BTC entered the new year with a bang. Apart from a brief slide beneath $28,000 in which the cryptocurrency filled a gap left opened on CME, bitcoin has been on a roll, tearing down record after record.

In the past 24 hours, the asset continued upwards and broke into uncharted territory once more. After enduring high volatility that drove it below $34,000, BTC initiated an impressive leg up that resulted in the latest all-time high – above $37,800.

Despite retracing slightly since then, bitcoin still trades north of $37,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Data from Santiment indicated that BTC’s surge to new highs had changed people’s opinion who are now “pumping the buy narrative,” while just yesterday, the number of “sell calls” dominated the social circles.

Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment
Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment

$1T Market Cap As Alts Explode

CryptoPotato reported yesterday yet another massive milestone reached by all cryptocurrency assets – the market capitalization breaking above $1 trillion for the first time.

This became possible as multiple altcoins mimicked BTC’s impressive performance as of late with notable gains. On a 24-hour scale, Ethereum has jumped by 7% to $1,120, Binance Coin (6%) to $44, Polkadot (2%) to $10, Litecoin (3.5%) to $168, and Bitcoin Cash (5.5%) to $450.

However, there’re even more remarkable gainers from the top ten, including the newest entrée – XLM.

Stellar has doubled-down on its recent bull run. XLM has surged by 60% since yesterday and 190% in a week to $0.36. This comes as the Foundation partnered with the Ukrainian government to develop a CBDC.

Ripple has surged by 30% to $0.30. Cardano’s 21% increase to $0.34 has helped ADA to overtake BCH in terms of market cap. Chainlink has added 16% and trades near $17.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Matic Network (23%), Kyber Network (23%), Decentraland (23%), NEM (22%), Siacoin (22%), Augur (20%), Qtum (17%), and more.

The rising altcoins have reduced BTC’s dominance to 68.3% from yesterday’s high at 69.5%.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Charted: Stellar (XLM) Prints Bullish Breakout, Why It Could Test $0.20

by NEWSBTC

Stellar (XLM) started a strong increase above the $0.1350 resistance against the US Dollar. XLM price is trading nicely above $0.1500 and it could continue to rise towards $0.1800 or $0.2000.

  • There was a steady increase in stellar’s token price above $0.1350 against the US dollar.

  • The traded close to the $0.1680 resistance and settle above the 100 simple moving average (4-hours).

  • There was a break above a crucial bearish trend line with resistance near $0.1367 on the 4-hours chart of the XLM/USD pair (data source from Coinbase).

  • The pair is likely to continue higher towards $0.1800 and $0.2000 as long as it is above $0.1400.

Stellar (XLM) is Showing Positive Signs

After forming a strong support base above $0.1200, stellar (XLM) saw a strong increase above $0.1300 against the US Dollar, while bitcoin and Ethereum saw a downside correction.

There was a clear break above the $0.1350 and $0.1380 resistance levels. There was also a break above a crucial bearish trend line with resistance near $0.1367 on the 4-hours chart of the XLM/USD pair. The price rallied above the $0.1500 level and settled above the 100 simple moving average (4-hours).

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The price traded as high as $0.1678 and it is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent increase from the $0.1286 low to $0.1678 high.

Stellar (XLM)

Stellar (XLM)


Source: XLMUSD on TradingView.com

The price is now approaching the $0.1500 support zone. It is close to the 50% Fib retracement level of the recent increase from the $0.1286 low to $0.1678 high. On the upside, the $0.1550 and $0.1580 levels are important hurdles. A close above the recent high might increase the chances of a steady increase towards the $0.1650 and $0.1720 levels. The next major stop could be $0.1800 or even $0.2000.

Dips Supported in XLM?

If XLM price struggles to continue higher, it could test the $0.1480 support. The 100 simple moving average (4-hours) is also sitting near the $0.1480 level to act as a strong support.

A clear break below the $0.1480 support zone could spark a fresh decline. The next major support on the downside is near the $0.1300 level.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.

Major Support Levels – $0.1500, $0.1480 and $0.1300.

Major Resistance Levels – $0.1550, $0.1580 and $0.1800.

Source

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