The price of XLM (Stellar) is rising rapidly
After forming a strong base of support above $0.0750, Stellar (XLM) has seen strong gains above $0.0850 against the US dollar following the rise of XRP. It gained more than 10% in the short term, outperforming bitcoin.
There was a clear move above the resistance levels of $ 0.0950 and $ 0.100. The price tested the $ 0.1050 zone. The high was formed at $ 0.1043 and the price is now consolidating gains. There was a slight decline below the $ 0.10 level. The price tested the 23.6% Fibonacci retracement level after the recent rise from the low of $0.0757 to the high of $0.1043.
XLM price is now trading above $ 0.10 resistance and the 100-hour simple moving average. A major bullish trend line is also forming on the hourly chart of the XLM / USD pair with support near $ 0.0980.
On the other hand, the nearest resistance is near the $ 0.1050 level. The next major resistance is near the $0.1120 level, above which the price could test $0.1150. A close above the $0.1150 level could start a steady rise towards the $0.1200 and $0.1250 levels. The next major stop could be at $ 0.1300 or even $ 0.1320.
Are the dips in XLM sustained?
If the XLM price struggles to continue rising, it could start a downside correction. The nearest support on the downside is near the $ 0.0980 level or trendline.
The next major support is near the $0.090 level or the 100-hour SMA. A clear break below the $0.0900 support area could trigger a new decline. The next major support on the downside is near the $0.0800 level.
Technical Indicators
-- Hourly MACD - The MACD for XLM / USD is gaining ground in a bullish zone.
-- Hourly RSI (Relative Strength Index) - The RSI for XLM / USD is currently well above the 50 level.
-- Major support levels are $ 0.0980 and $ 0.0900.
-- Major resistance levels are $ 0.1050 and $ 0.1200.
