Stellar Price Analysis: XLM/USD bulls push the price above the $0.08 psychological level

XLM/USD bulls remained in control for the second straight day.
The RSI indicator is looking to enter the overbought zone, hinting at an upcoming bearish correction.

Rajarshi Mitra Independent Analyst

XLM/USD daily chart

XLM/USD went up from $0.076 to $0.0802 in the early hours of Tuesday. The bulls remained in control for the second straight day as the price jumped from the $0.07–level, and lept above the 20-day Bollinger Band, showing that it’s presently overbought. The RSI indicator is looking to enter the overbought zone, hinting at an upcoming bearish correction, while the MACD shows increasing bullish momentum.

Support and Resistance

XLM/USD bulls face stiff resistance at $0.0829 and $0.087. On the downside, Stellar faces healthy support at $0.075, $0.0725 and SMA 20.

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.

XRP slides as institutional and retail demand falters

Ripple is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.