Stellar Price Analysis: XLM/USD re-enters the 20-day Bollinger Band following bearish correction
- XLM/USD has had a bearish session following two consecutive bullish days.
- The RSI indicator is trending around 62, right next to the overbought zone.
XLM/USD daily chart
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XLM/USD bears tool control, following a bullish Tuesday, wherein the price fell from $0.079 to $0.077. In the process, Stellar has re-entered the 20-day Bollinger Band, which has expanded considerably to show increasing price volatility. The Elliott Oscillator has had seven straight green sessions, while the RSI indicator is trending around 62, right next to the overbought zone.
Support and Resistance
XLM/USD faces stiff resistance levels at $0.079 and $0.0803. On the downside, there are healthy support levels at $0.0755 and $0.0728 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.
