Stellar market update: XLM/USD goes against the trend, gains 17% on a day-on-day basis

  • XLM/USD has started a natural correction from strongly overbought levels.
  • A strong support at $0.07 might slow down the bears.

Stellar is the only altcoin green on a day-on-day basis out of top-10. While the coin has retreated from the recent high of $0.0936 to trade at $0.0790 at the time of writing, it is still over 17% higher from this time on Wednesday. Stellar now takes the 10th position in the global cryptocurrency market rating with the total market value of $1.4 billion. Stellar’s average daily trading volume more than doubled on Wednesday and continued growing. Currently, it is registered at $550 million. 

Considering a speculative nature of Stellar’s growth, further downside correction looks highly likely at this stage. 

Stellar's technical picture

XLM/USD has returned to the area below SMA100 (Simple Moving Average) on the one-hour chart ($0.0860). This barrier now serves as a strong resistance for the price. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high of $0.0963 followed by SMA200 daily at $0.0993.

On the downside, the price is likely to return within the daily Bollinger Band with the upper line ($0.0753) now serving as a support level. The next strong support comes at psychological $0.0700, It is followed by SMA50 daily at $0.0680. This line coincides with the mid-term sloping trendline, which means that XLM/USD retains positive bias as long as it stays above this area.

XLM/USD, one-day chart

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