Stellar (XLM) retreats from weekend high, stays in green on a day-to-day basis
- 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.
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
Author
Tanya Abrosimova
Independent Analyst
