Stellar technical analysis: Bulls to face stiff resistances en route 0.0800

The tenth most favorite digital currency, Stellar (XLM/USD), trades firmer for the second straight day on Sunday, emerging as the top gainer across the top ten widely traded cryptocurrencies. The coin exchanges hands near 0.075 region, reporting 4.75% and 6% gains over the last 24 hours and seven days respectively. The cryptocurrency has had a volatile last week, still enjoying the current market value of $1.5 billion or 0.63% of the total cryptocurrency market capitalization. 

“On November 5, the Stellar Development Foundation (SDF) burned 55 million XLM tokens worth of $4.6 billion. The team explained the move by the desire to make the network more efficient. The coin skyrocketed by more than 20% on the response”, Tanya Abrosimova,
FXStreet’s Crypto Editor noted.

XLM/USD, 1-hour chart

• The coin consolidates near two-day highs of 0.0758 following symmetrical triangle breakout.
• The immediate downside could be capped by the bullish hourly 200-Simple Moving Average (HMA) at 0.0736.
• The horizontal resistance at 0.0767 is now on the buyers’ radar.
• However, the price risks further upside, as the Hourly Relative Strength Index (RSI) moves deeper into the overbought territory.

XLM/USD daily chart

• Stellar’s outlook appears bullish, with scope for a test of the horizontal trendline that awaits at 0.0836.
• Ahead of the that the 0.0800 round figure will be tested, with daily Relative Strength Index (RSI) heading upwards towards the 50 level.
• The upward-sloping 21-DMA at 0.0688 could limit the losses should the coin fail to take out Thursday’s high of 0.0769.