May 16, 2022

Charted: Stellar (XLM) Prints Bullish Breakout, Why It Could Test $0.20

2 min read

Stellar (XLM) started a strong increase above the $0.1350 resistance against the US Dollar. XLM rate is trading well above $0.1500 and it might continue to rise towards $0.1800 or $0.2000.

  • There was a constant increase in stellar’s token cost above $0.1350 against the United States dollar.
  • The traded near to the $0.1680 resistance and settle above the 100 basic moving typical (4-hours).
  • There was a break above a vital bearish trend line with resistance near $0.1367 on the 4-hours chart of the XLM/USD pair (data source from Coinbase).
  • The pair is likely to continue higher towards $0.1800 and $0.2000 as long as it is above $0.1400.

Stellar (XLM) is Showing Positive Signs

After forming a strong support base above $0.1200, stellar (XLM) saw a strong increase above $0.1300 against the United States Dollar, while bitcoin and Ethereum saw a disadvantage correction.

There was a clear break above the $0.1350 and $0.1380 resistance levels. There was also a break above a crucial bearish pattern line with resistance near $0.1367 on the 4-hours chart of the XLM/USD set. The cost rallied above the $0.1500 level and settled above the 100 simple moving typical (4-hours).

The cost traded as high as $0.1678 and it is presently correcting lower. There was a break below the 23.6% Fib retracement level of the recent boost from the $0.1286 low to $0.1678 high.

Stellar (XLM)

Source: XLMUSD on The cost is now approaching the $0.1500 support zone. It is close to the 50% Fib retracement level of the current increase from the $0.1286 low to $0.1678 high. On the benefit, the $0.1550 and $0.1580 levels are very important hurdles. A close above the recent high may increase the opportunities of a stable increase towards the $0.1650 and $0.1720 levels. The next significant stop might be $0.1800 or even $0.2000.

Dips Supported in XLM?

If XLM cost has a hard time to continue higher, it could test the $0.1480 support. The 100 easy moving average (4-hours) is also sitting near the $0.1480 level to serve as a strong assistance.

A clear break listed below the $0.1480 support zone might stimulate a fresh decline. The next major support on the disadvantage is near the $0.1300 level.

Technical Indicators

4-hours MACD –-- The MACD for XLM/USD is getting rate in the bullish zone.

4-hours RSI (Relative Strength Index) –-- The RSI for XLM/USD is presently well above the 50 level.

Major Support Levels –-- $0.1500, $0.1480 and $0.1300.

Significant Resistance Levels –-- $0.1550, $0.1580 and $0.1800.