Stellar (XLM) Rebounds Above $0.45 Support, Poises for Upward Move Soon

Stellar (XLM) Rebounds Above $0.45 Support, Poises for Upward Move Soon

Key Resistance Levels: $0.65, $0.70, $0.85
Key Support Levels: $0.30, $0.25,$0.20

XLM/USD Long-term Trend: Bullish
Stellar is in an uptrend as it reached a high of $0.60. The crypto was resisted at the recent high as price retraced and found support above $0.45. The upward move will resume if the current support holds. However, the downtrend will resume if the $0.45 support cracks.

XLM/USD – Daily Chart

Daily Chart Indicators Reading:
XLM is at level 65 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. There is a likelihood of price upward move. The crypto’s price is above the SMAs which suggests an upward movement of the coin.


XLM/USD Medium-term bias: Bullish
On the 4 hour chart, the crypto is in an upward move after retesting the $0.45 support. The Fibonacci tool has indicated an upward move of Stellar. On February 13 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that XLM is likely to rise to level 2.0 Fibonacci extension. That is a high of level $0.8373.

XLM/USD -4 Hour Chart

4-hour Chart Indicators Reading
Stellar is in a bullish momentum as it trades above the 40% range of the daily stochastic. The bullish momentum is fluctuating. The SMAs are sloping upward indicating the uptrend.

General Outlook for Stellar
Stellar is in an upward move. The crypto was earlier in a bear market. The cryptocurrency will resume an uptrend if the bulls break the resistance at $0.60. According to the Fibonacci tool, the market will rise to level 0.8373.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.