Stellar market overview: XLM/USD shoots up by 4.40% as bulls make merry
- XLM/USD finds immediate resistance at the upper 20-day Bollinger band curve.
- XLM/USD has found support at the upward trending line.
XLM/USD has gone up from $.0615 to $0.0642 so far today, rising by 4.40%. Stellar had found support on the upward trending line after falling to $0.0532 back on September 24. After two straight bullish days, the buyers gathered enough momentum today to break past the $0.0636 resistance level. The hourly breakdown shows us that the intraday resistance lies at $0.0646 and has since corrected itself around $0.0642.
XLM/USD daily chart
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The 20-day Bollinger jaw has constricted, indicating decreasing market volatility and the latest session has found resistance at the upper curve of the Band. The price is trending above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Elliott Oscillator has had a bullish session after two straight bearish sessions and the Moving Average Convergence/Divergence (MACD) indicator shows increasing bullish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
