Stellar Price Analysis: XLM catches a bid but hits a brick wall
- XLM trades over 2% higher on Tuesday as it outperforms the majors.
- The price is now stalling at the trendline resistance.
XLM/USD daily chart
Stellar has been moving higher in recent sessions and broke past the 0.60 psychological level just a few sessions ago. Now it seems that the price has met a resistance level at a long-standing trendline marked in black on the chart. If the trendline does break then the blue horizontal line close to 0.90 could be the next target for the bulls.
Looking at the technical indicators, the relative strength index indicator has moved into overbought levels. This could indicate there could be a short term pullback in the making. Elsewhere, the price continues to trade above the moving averages which is another bullish sign. Lastly, the volume is also picking up another confirmation that this trend break could lead to something more permanent.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
