Stellar Price Prediction: XLM bulls need to cross the key $0.4370 hurdle for a 40% upside
- XLM/USD remains positive for the third consecutive day.
- A confluence of 21-day SMA, one-month-old resistance line challenges the bulls.
- Strong RSI, receding bearish bias of MACD highlight 50-day SMA as crucial support.
XLM/USD takes the bids around $0.4190 as crypto traders clean their screens for Tuesday’s move. Even so, the Stellar Lumens (XLM/USD) stays below the strong hurdle to the north comprising 21-day SMA and a falling trend line from February 13.
It should, however, be noted that the quote’s sustained trading above 50-day SMA joins upbeat RSI and receding bearish signals from the MACD to keep XLM bulls hopeful.
As a result, a clear break of the $0.4370 should serve as a trigger for the quote’s 40% rally towards the yearly top above $0.6100.
During the rise, the late-February high near $0.4800 and the $0.5000 may serve as intermediate halts.
Alternatively, a downside break of 50-day SMA, at 0.3870 now, can trigger a fresh south-run targeting the February 23 low of $0.3071 ahead of challenging the previous month’s bottom close to 0.2910.
Overall, XLM/USD is primed for further upside but the bulls seem to wait for confirmation.
XLM/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
