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Stellar Price Analysis: XLM above $0.0650, surges over 15.5%

  • Stellar is one of the outperformers on Thursday trading 15.5% higher.
  • The price has been halted at the 61.8% Fibonacci retracement.
Stellar Price Analysis: XLM above $0.0650, surges over 15.5%
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XLM/USD daily chart

Stellar is trading higher on Thursday by over 15% as the crypto sector gets a decent bounce. Now the price has stopped right at the 61.8% Fibonacci retracement zone. This does not mean the bullish run is over as there are many bullish signs including the price holding above the 55 and 200 moving averages.

Looking at some of the other indicators, the relative strength index is now in a very positive place but is oversold, which could mean a small retracement could take place. The volume indicator at the bottom shows a small spike as the bullishness kicked in. This could be considered as a confirmation that the move higher was backed by the market.

Stellar pushing higher

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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