Stellar price analysis: XLM:/USD remains slightly bullish while other cryptocurrencies engage reverse gear
|- Stellar price encountered selling pressure below $0.38; paved the way for downside corrections.
- XLM/USD testing the 61.8% Fibo; major support is provided by the 100 SMA.
Stellar price is up 1.85% in the last 24 hours on Thursday. It is one of the few coins that are showing positives signs among the top ten cryptocurrencies by market capitalization. XLM/USD opened trading today at $0.329 then it embarked on an upside correction breaking past the key resistance zone at $0.35. Stellar price; however, encountered selling pressure below $0.38, where declines started.
The price is currently testing the 61.8% Fib retracement level with the previous swing high of $0.40 and a low of $0.32 on the 30 minutes timeframe chart. There is a bullish momentum that is forming above $0.36, although the 50% Fibo will offer resistance to towards $0.38.
Indicators like the moving averages are showing that XLM/USD is moving towards a build-up of selling pressure and that the currency could correct lower in the near term. The MACD is beginning to point downwards to signal that the buyers are losing grip on the market and more sellers could be entering the market. $0.36 is the short-term support for XLM/USD, but $0.35 (100 SMA) could support the price further down. A major support is, however, highlighted at $0.33 on the chart.
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