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Stellar Price Analysis: XLM/USD is progressing toward the major 0.08795

  • XLM/USD is one crypto still in the black after the "Crypto Massacre" on Tuesday.
  • Some of the technical indicators are still turning bullish despite the sell-off in the session.
Stellar Price Analysis: XLM/USD is progressing toward the major 0.08795
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XLM/USD daily chart

XLM/USD has had a remarkable recovery following the dramatic fall in most cryptocurrencies on Tuesday. From a technical perspective, there are some still bullish signs. The MACD indicator's histogram has just moved above the zero line. In addition to this, the signal lines are still above the mid-point too. 

The price is also still trading above the 200 and 55 moving averages. The 55 Exponential Moving Average was even used as a support zone earlier in the uptrend. The key feature on the upside is the black resistance level which has been used multiple times. If the level breaks then there could be a much larger move to the upside. On the downside, the main support level is 0.07420 but it seems the bulls are firmly in charge. 

XLM Price recovery

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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