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Stellar Price Analysis: XLM/USD charts a hattrick of bullish days and jumps above the 20-day Bollinger Band

  • XLM/USD has jumped above the 20-day Bollinger Band, following three straight bullish days.
  • The MACD shows increasing bullish momentum and the RSI indicates that it is about to enter the overbought zone.
Stellar Price Analysis: XLM/USD charts a hattrick of bullish days and jumps above the 20-day Bollinger Band
Rajarshi MitraRajarshi MitraIndependent Analyst

XLM/USD daily chart

XLM/USD daily chart

XLM/USD bulls stayed in control for the third straight day as the price jumped from $0.0737 to $0.07797 in the early hours of Wednesday. In the process, the price has managed to jump above the 20-day Bollinger Band, indicating that it's currently overpriced and will face bearish correction soon.

The MACD shows increasing bullish momentum and the RSI indicates that it is about to enter the overbought zone.

Support and Resistance

XLM/USD faces strong resistance at $0.08 and $0.0829. On the downside, healthy support lies at $0.0755 and $0.0736.

Author

Rajarshi Mitra

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.

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