Stellar price analysis: XLM/USD down 1.7% despite the recovery on the cryptocurrency market
|- XLM/USD is the worst-performing coin out of Top-10.
- The resistance at $0.2150 limits the upside potential.
Stellar (XLM) is changing hands at $0.1995, down 1.7% on a daily basis. The coin is in retreat even as other major cryptocurrencies are recovering from the recent slump. Stellar is the open source cross-asset payment framework that forked from Ripple in 2014. Now it takes the 6th place in Top-10 cryptocurrencies with market value $3.7B, and the average daily trading volume settled at $58M.
Stellar's decline is a bit of mystery as there are no fundamental factors that can explain the sell-off. XLM/USD touched $0.2148 on Thursday but failed to break above the resistance created on approach to $0.2150 level.
On the intraday basis, XLM/USD is supported by SMA50 (4-hour charts) at $0.1984 level. Once it is cleared, the downside may be extended towards $0.19 and $0.1818 (September 11 low). On the upside, psychological resistance $0.20 needs to be taken off to open up the way to $0.2104 (78.6% Fibo retracement) and Thursday's high at $0.2148. The ultimate bull's goal is created by $0.24 (61.8% Fibo retracement). This level has been limiting the recovery since the beginning of August.
XLM/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.