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.

Tanya Abrosimova Independent 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.