TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Stellar Chart Update: XLM/USD ready to retest the highest level of 2020

  • XLM/USD is the best-performing altcoin out of top-20.
  • The next vital resistance created by $0.0888.
Stellar Chart Update: XLM/USD ready to retest the highest level of 2020
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Stellar (XLM) is the best-performing digital asset out of top-20. The coin has gained over 12% in the recent 24 hours to trade at $0.0833 by press time. XLM/USD hit the intraday high at $0.0842 amid strong bullish momentum that kept pushing the price towards new highs.  Stellar takes the 12th place in the global cryptocurrency rating with the total market value of $1.68 billion

XLM/USD: Technical picture 

On the intraday charts, Stellar (XLM) remains positive bias with the next focus on $0.0840. This resistance is created by the upper line of the 1-hour Bollinger Band and reinforced by the above-mentioned intraday high. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0888, which is the highest level of 2020. The intraday RSI chart stays flat on the overbought territory. It means that the coin may be vulnerable to the downside correction, though the general trend is still bullish.

XLM/USD 1-hour chart

The longer-term picture supports the bull case scenario as the RSI on a daily chart points upwards with no signs of reversal. The local support is created by psychological $0.0800 and $0.0770 that stopped the recovery in the beginning of May. If this support gives way, the sell-off may be extended towards $0.0700 reinforced the middle line of the daily Bollinger Band.

XLM/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network shows a mild recovery on Friday, following three consecutive days of consolidation, as selling pressure eases after a steep decline earlier this month. Speculative demand for a potential rebound in PI is on the rise as its Open Interest remains elevated. Technically, PI holding steady at key support amid oversold momentum implies a potential recovery ahead.

Bonk Price Forecast: Extends losses as hacker moves stolen tokens to Binance

Bonk Price Forecast: Extends losses as hacker moves stolen tokens to Binance

Bonk extends its losses, trading below $0.0000034 on Friday, losing over 16% so far this week. The ongoing correction was fueled by on-chain data indicating that the hacker behind the recent exploit transferred a portion of the stolen tokens to Binance.

Zcash Price Forecast: ZEC maintains bullish structure above key retracement support

Zcash Price Forecast: ZEC maintains bullish structure above key retracement support

Zcash is up over 2% recovering from an 8% decline the previous day. The privacy coin maintains its retail strength with a rising funding rate despite a minor contraction in ZEC futures Open Interest. Technically, ZEC retains a structural upward trend above its crucial moving averages with an upside toward $690.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC and ETH stall below key EMAs, XRP holds crucial support

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC and ETH stall below key EMAs, XRP holds crucial support

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) came under renewed selling pressure during the second half of the week after staging a modest recovery earlier in the week. BTC trades below $63,600 on Friday, while ETH slips below $1,860 after facing rejection at key resistance levels. Meanwhile, XRP continues to hold above a crucial support zone, keeping its recovery outlook intact.
Bitcoin: Strategy sells, the market doesn’t care

Bitcoin: Strategy sells, the market doesn’t care

Bitcoin (BTC) reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning. Meanwhile, traders have digested headlines about Strategy’s recent Bitcoin sale, highlighting the Crypto King’s resilience and deep liquidity.