Bullish Short-Term Trading Bias For Stellar Lumens: Analysis

There is a bullish short-term trading bias for Stellar Lumens but the altcoin still remains bearish over the medium term as we are reading more in the Stellar Lumens news today.

The four-hour time frame shows that the XLM/USD trading pair is now trading in a rising price channel and the daily time frame shows there is a large descending price channel forming.  Stellar is one the rise after it managed to sustain some strong double-digit trading gains over the last 24 hours and increased to the highest trading level since 2018.

At the current trading levels, the XLM/USD pair posted an impressive gain of more than 30 percent from the September monthly trading low. It is also worth noting that the cryptocurrency remained about 50% off its peak of this year. The bullish short-term technicals for the pair improved over the past month and are currently showing a possible advance towards the $0.080000 level.

The four-hour time frame shows that the cryptocurrency is now trapped in a rising price channel and the time frame also shows there is a break above the $0.07000 level which could spike further advancement in the XLM/USD pair. The daily time frame also shows that there is a declining price channel forming with a price that is approaching the midpoint of the bullish price tunnel.

The top of the price is located at about $0.100000 level and it remains a valid upside target that is breaking above the midpoint of the price channel. According to the latest data, the short-term sentiment towards Stellar Lumens is bullish at only 60 percent while the long-term sentiment for the pair is bearish at 20.00%. The four-hour time frame shows there is a rising price channel forming with the top of the price located around the $0.072000 level. The key resistance for the pair according to the daily frames is currently located at $0.080000.

The four-hour time frame shows that the $0.062000 level is in during the strongest form of short-term technical maintenance below the $0.068000 level. The daily time frame points out that the pair’s moving average is now acting as critical support at the $0.682000 level. Stellar has further upside potential if it can perform a breakout above the $0.072000 level. The daily time frame points that the $0.100000 level is a medium-term upside objective.