As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. However, the recent surge of Stellar (XLM) has been quite impressive. The token has managed to break above significant resistance levels, including $0.0950 and $0.100, and is currently trading above its 100-hour SMA.
Stellar (XLM) has made a robust rise, surpassing the $0.0950 barrier against the U.S. dollar. The XLM’s value is picking up speed and could potentially reach $0.120.
- There was a steady increase in Stellar’s token price above $0.0950 against the US dollar.
It is now trading above $0.100 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $0.0980 on the hourly chart of the XLM/USD pair (data source from Kraken).
The pair is likely to continue higher towards $0.1150 and $0.1200 in the near term.
Stellar Price Rallies Over 10%
Following the establishment of a substantial backing at around $0.0750, Stellar (XLM) experienced a significant jump surpassing $0.0850 versus the U.S. Dollar. This rise was prompted by the surge of XRP, and in a short-term context, XLM registered an increase of more than 10%, outperforming Bitcoin.
In simpler terms, the price surpassed the resistance at $0.0950 and $0.100, reaching as high as $0.1043 before taking a pause to consolidate its gains. There was a slight drop below $0.10 after this, with the price testing the 23.6% Fibonacci retracement level of the recent upward trend from $0.0757 to $0.1043.
currently, the Stellar Lumens (XLM) price surpasses the $0.10 resistance level and follows closely behind the 100-hour moving average. Additionally, a significant uptrend line is emerging with support around $0.0980 on the hourly XLM/USD chart, hinting at a potential bullish trend.
Positively, a potential resistance is found around the $0.1050 mark. If we move forward, a significant resistance lies approximately at $0.1120. Overcoming this barrier might trigger a gradual rise towards the $0.1150 and $0.1200 marks. A break above $0.1150 could initiate an uptrend that may reach as high as $0.1250. The next notable resistance could be at $0.1300 or potentially $0.1320.
Are Dips Supported in XLM?
If the price of XLM fails to climb further, it might initiate a drop instead. The potential floor for this decline would be around the $0.0980 mark or the trendline.
In simpler terms, if the price drops, it might find some support around $0.090. If it falls significantly below this point at $0.0900, there’s a possibility of further decline. The next potential support in case of a drop would be around $0.0800.
Technical Indicators
Hourly MACD – The MACD for XLM/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.
Major Support Levels – $0.0980 and $0.0900.
Major Resistance Levels – $0.1050 and $0.1200.
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2024-08-08 08:10