Stellar price analysis: XLM/USD breaks above long-running downward trending line
- XLM/USD went up from $0.0685 to $0.0697 this Friday.
- Relative strength index (RSI) indicator is trending around 40, hasn’t crossed 50 in two months.
Stellar managed to put together two bullish days in a row. This Friday, the price of XLM/USD has gone up from $0.0685 to $0.0697. The hourly price breakdown shows us that this Thursday, the price fell to $0.0658 from $0.067, where it found support. The price went up to $0.0692 where it found resistance and went down to $0.0685 to end the day. Following that, the price went up to $0.0697, where it found resistance and dropped to $0.0688. From there on, the price went up to $0.0.697 again.
XLM/USD daily chart
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As can be seen, the latest price chart went above the resistance offered by the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum. The relative strength index (RSI) indicator is trending around 40. RSI hasn’t crossed 50 in two months.
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.
