Stellar Technical Analysis: XLM/USD flirts around the $0.09–level
- XLM/USD bulls eked out an advantage following a bearish Monday.
- The RSI is sitting just below the overbought zone.
XLM/USD daily chart
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XLM/USD bulls eked an advantage this Tuesday as it went up from $0.0897 to $0.0908, crossing the $0.09 psychological level, in the process. This followed a heavily bearish Monday, wherein the price plummeted below the pennant formation. The MACD shows decreasing bullish momentum. The RSI indicator is sitting below the overbought zone, indicating that the price is on the verge of being overvalued, triggering another potential bearish correction.
Support and Resistance
XLM/USD has strong resistance at $0.0958. On the downside, good support lies at $0.0831, $0.0786, $0.0757 (SMA 20) and $0.0745 (SMA 50).
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.
