Stellar market update: XLM/USD stops within a whisker of $0.07, gains 13% in recent 24 hours
- XLM/USD goes ballistic after a strong breakthrough above $0.06.
- A strong resistance at $0.07 might slow down the bulls.
Stellar is a stellar performer today. The coin has gained over 13% in recent 24 hours and catapulted to 10th position in the global cryptocurrency rating, leaving behind Cardano (ADA) and Huobi Token (HTT). At the time of writing, XLM/USD is changing hands at $0.0688, off the intraday high reached at $0.0698. Stellar’s growth is of speculative nature as there are no fundamental developments that might have explained the strong move.
Stellar's technical picture
XLM/USD has been growing strongly since the end of Tuesday. Two large green candles after a prolonged period of range-bound trading bode well for Stellar bulls, however, the coin has to settle above $0.07 to confirm its bullish stance. Currently, XLM/USD is hovering around SMA50 (Simple Moving Average) daily at $0.0682, which is folloeed by the above-mentioned $0.07. A failure to clear this barrier at first try may result in an extended downside correction with the first strong support created by the middle line of one-day Bollinger Band on approach to $0.0600. A sustainable move below this handle will trigger more sell-off towards the lower boundary of the recent consolidation channel at $0.0550.
XLM/USD, one-day chart
Author
Tanya Abrosimova
Independent Analyst
