Altcoin Stellar has won important support and is ready for growth


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Altcoin Stellar has won important support and is ready for growth

Altcoin Stellar has won important support and is ready for growth

  • XLM is trading between $ 0.077 support and $ 0.117 resistance

  • Technical indicators on the daily chart paint a positive picture

  • Resistance in the XLM / BTC pair passes at 760 and 860 satoshi

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Altcoin Stellar (XLM) has confirmed the status of long-term support at $ 0.077, and while the quotes are above this mark, the trend is considered bullish

Technical indicators speak in favor of continued growth.

XLM confirmed support status

The weekly chart shows that XLM has settled above the $ 0.077 level after confirming its status as support. At the beginning of 2019, this mark acted as a support, and in September of the same year it turned into resistance.

Altcoin Stellar has won important support and is ready for growth

In July 2020, the altcoin finally broke through this zone and touched a high of $ 0.119, after which it rolled back to $ 0.077 again. As long as the price holds above this level, the trend is considered bullish..

The RSI is in the process of testing the 50 level, and the Stochastic Oscillator is moving northward. If quotes are able to hold above $ 0.077, both indicators will confirm the presence of a bullish trend with the prospect of its development in the direction of the nearest resistance $ 0.117.

XLM Chart by TradingView

Bullish trend

Daily charts highlight the importance of the $ 0.071 zone. On September 23, the price temporarily deviated from this level, but soon returned beyond it and has been growing since then. Here is the 0.786% Fibonacci retracement level relative to the bullish move.

However, XLM has yet to test important resistance, a breakout of which will confirm an uptrend. Quotes retraced from the 0.382% Fibonacci retracement level of $ 0.087 and even in the event of a bullish breakout, XLM may encounter strong resistance at $ 0.099, where the 0.618% retracement level is located.

XLM Chart by TradingView

That said, technical indicators paint a bullish picture. MACD, RSI and Stochastic Oscillator are going up. The trend is considered bullish and XLM should continue to rise in the direction of resistance levels.

XLM Chart by TradingView

Short-term dynamics

XLM / BTC pair

Crypto trader @CryptoNTez tweeted the XLM / BTC chart and notes that the pair has broken through the downside resistance line, reaching the important 760 satoshi resistance zone.

Source: Twitter

XLM / BTC has been following the downtrend resistance line since July 17, when the 1,180 satoshi high was reached.

During the period from September 24 to October 16, the price formed a double bottom and broke the resistance line the next day. This pattern was accompanied by significant bullish divergence signals from the RSI, which has since come out of the oversold zone.

Even though the pair bounced off the 760 level after an upside breakout, the length of the double bottom pattern and the downward resistance line increase the likelihood of continued gains in the longer term..

If XLM manages to break through the 760 satoshi level, the next barrier is expected at 860 satoshi.

XLM Chart by TradingView

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.


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