Given the recent state of the crypto market, most coins are fighting against headwinds, while others have already succumbed to the prevalent headwind driving the market. Stellar (XLM) is one of those cryptos fighting against headwinds. Let’s closely examine this market to understand what may soon happen in it.
XLM Analysis Data
Stellar Value Now: $0.08897
Stellar Market Cap: $2,385,687,888
XLM Moving Supply: 26,793,799,397.09 XLM
Stellar Total Supply: 50,001,806,812 XLM
XLM CoinMarketCap Ranking: 26
Major Price Levels:
Top: $0.08897, $0.08930, and $0.08960
Base: $0.08867, $0.08837, and $0.08800
Stellar (XLM) Fights Headwind, Set to Break Resistance at 0.08900
Since April 19th, price action in the Stellar daily market has remained mostly under the 9-day Moving Average (MA) curve. Buyers have made attempts to break the resistance at $0.08900 but have failed. Therefore, the current attempt isn’t exceptional. However, a green price candle has just appeared in the ongoing trading session and has pushed prices to test the 9-day MA curve. Also, green histogram bars can be seen appearing above the equilibrium level of the Moving Average Convergence Divergence (MACD) indicator. Consequently, this gives the impression that an upside move may be developing in this market.
Stellar (XLM) Seeks to Extend the Upside Move
On the XLM/USD shorter time frame of 4 hours, price action has crossed above the 9-day MA line. Not only that, but the appearance of another green dashed-shaped price candle seems to suggest that buyers have started early in the session. Additionally, here the MACD indicator has given a crossover above the equilibrium level. Even though this crossover seems less vibrant, it still offers some upside for this market. Consequently, this suggests that at least the $0.08900 will be broken, and price action can retrace towards the $0.09000.
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