Stellar (XLM) saw a sharp rise above the $ 0.1350 resistance against the US dollar. The XLM price is trading well above $ 0.1500 and could continue to climb towards $ 0.1800 or $ 0.2000.
- Against the US dollar, the token price rose steadily from stellar above 0.1350 USD.
- It was trading close to the resistance at $ 0.1680 and was above the simple moving average of 100 (4 hours).
- On the 4-hour chart of the XLM / USD pair (data source from Coinbase) there was a break above a key bearish trendline with resistance near USD 0.1367.
- The pair is likely to continue rising towards $ 0.1800 and $ 0.2000 as long as it is above $ 0.1400.
Stellar (XLM) shows positive signs
After forming a strong support base above $ 0.1200, stellar (XLM) saw a sharp rise above the US dollar above $ 0.1300 while Bitcoin and Ethereum saw a downward correction.
There was a significant break above the $ 0.1350 and $ 0.1380 resistance levels. The 4-hour chart for the XLM / USD pair also broke above a key bearish trendline with resistance near $ 0.1367. The price rose above the $ 0.1500 level and was above the simple moving average of 100 (4 hours).
The price has traded as high as $ 0.1678 and is currently correcting lower. There was a break below the 23.6% fib retracement level of the recent rise from the low of $ 0.1286 to the high of $ 0.1678.
Source: XLMUSD on TradingView.com
The price is now approaching the USD 0.1500 support zone. It is close to the 50% fib retracement level of the recent surge from the low of $ 0.1286 to the high of $ 0.1678. On the upside, the $ 0.1550 and $ 0.1580 levels are major hurdles. A closing price above the recent high could increase the chances of a steady advance towards the $ 0.1650 and $ 0.1720 levels. The next big stop could be $ 0.1800 or even $ 0.2000.
Dips supported in XLM?
If XLM price is struggling to continue rising, this could test the $ 0.1480 support. The 100 simple moving average (4 hours) is also close to the $ 0.1480 level to act as strong support.
A clear break below the USD 0.1480 support zone could trigger another decline. The next big support on the downside is near the $ 0.1300 level.
4 Hour MACD – The MACD for XLM / USD is picking up pace in the bullish zone.
4-hour 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.
Main Resistance Levels – $ 0.1550, $ 0.1580, and $ 0.1800.