• Stellar (XLM) is one of the best-performing coins out of top-20.
  • XLM/USD retreats from the recent high amid global sell-off on the cryptocurrency market.

Stellar (XLM) recovered from the recent low of $0.0683 to trade at $0.0815 on Sunday. By the time of writing, the coin has partially reversed the gains and settled act $0.0778; however, it still enjoys 3% of gains on a day-to-day basis. 

Currently, Stellar sits on 10th place in the global cryptocurrency market rating compiled by CoinMarketCap. The coin gained over 30% during the previous week as the Stellar Foundation burned 59 million XLM tokens.

Read more details here

XLM/USD, the technical picture

On the intraday charts, the initial resistance is created by a combination of SMA50 (Simple Moving Average) and the middle line of the Bollinger Band on 4-hour chart (currently at $0.0750). We will need to see a sustainable move above this handle for the downside to gain traction with the next focus on psychological $0.0700 that coincides with SMA100 daily and an upside trendline from October 23 low at $0.0571. 

Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0667 (SMA100 daily) and $0.0650 (SMA50 daily).

On the upside, we will need to see a sustainable move above the psychological $0.0800 for the recovery to gain traction. This area is strengthened by the upper line of the Bollinger Band on 4-hour chart and closely followed by Sunday's high of $0.0815. The next resistance comes at $0.0846 (the highest level of November 5.

XLM/USD, 4-hour chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD weekend action brushes shoulders with $7,600

Cryptocurrencies stagnated within familiar levels over the weekend. Bitcoin action impressively jumped above the resistance levels at $7,400 and $7,500. The upward leg jumped above $7,600 before forming a high at $7,638.

More Bitcoin News

Ripple Price Analysis: XRP/USD gazes on a risky triangle breakdown

Ripple is ranged confined between $0.21 and $0.2336. The recovery from the low in November around $0.22 lost steam short of $0.24. On the flipside, $0.21 is standing out a formidable support area.

More Ripple News

Cryptocurrency market update: Bitcoin stabilizes above $7,500, Ethereum and Ripple flex bullish muscles

Cryptocurrencies, led by the top three assets Bitcoin Ethereum and Ripple remained within key levels over the weekend. The drab action seems to have crossed into the new week where the Asian session continues to be characterized by shrinking volatility and little to no upside action.

More Cryptocurrencies News

Tezos towers the weekend session testing $1.70 crucial hurdle

Tezos was arguably the best performing crypto in the weekend session. After closing the session on Friday at $1.38, the bullish action majestically surged over 30% to brush shoulders with $1.61. Both the trading volume and the market cap corrected higher, where XTZ crossed the $1 billion hurdle. 

More Tezos news

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP