Stellar Price Analysis: XLM breaks higher to break the 4-hour 55 EMA
- Stellar is one of the outperformers in the crypto space on Tuesday rising over 9%.
- 0.060 has been used as support once again and the bulls have now taken out the 4-hour 55 EMA.
XLM/USD 4-hour chart
The 4-hour chart of XLM shows another bullish push to the upside and maybe even a test of the 0.70 area. There was a massive support zone the price bounced off at the psychological 0.060 area. There was also the 200-period simple moving average and Fibonacci extension (not on chart).
Now the price is moving higher there are a few resistance zones to watch. First and foremost 0.070 has been sticky. The previous consolidation had found the point to be quite the pivot area. Beyond that, the purple trendline line could be slightly tricky but if that breaks a test of the old high could defiantly be on the cards.
The volume indicator has been showing signs that the bulls have come back in. But it must be noted that the selling spikes have been accompanied with higher volume. Lastly, the relative strength indicator has also moved into positive territory pushing above the 50 mid-line.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
